Fed: banks may need AI risk systems to cope with smart devices

Tenfold increase in web-enabled devices via 5G and IoT means explosion in cyber threats, says official

Internet of Things

An explosion in the number of internet-enabled devices is opening up banks and financial firms to an exponentially greater array of backdoor cyber threats, leaving human risk managers unable to monitor them all. Instead, banks could deploy machine learning-based solutions to monitor the vast amount of threat data in real time, according to a senior official at the US Federal Reserve.

By some estimates, the world will see a tenfold increase in the number of devices with web connectivity in the

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