Patented Technology For Secure Banking
Lloyds Banking Group has now received a patent for its cyber security technology tool, the Global Collaborations Engine (GCE), which uses intelligent algorithms to find serious cyber risks rather than false positives.
GCE technology is designed to tackle one of the biggest challenges in cyber security - the high number number of false positive alerts that can drown security teams in unnecessary investigations.
Lloyds first-ever patent has been granted in both the UK and the US and will help the Bank to better focus its resources on investigating and tackling genuine cyber threats.
Lloyds describes the GCE as “an innovation which supercharges cyber security and protects customers”. The GCE analyses alerts from different cyber security technologies and searches for common attributes, trends, and potential connections and cross-referencing this data with indicators of cyber-attacks. This enables the GCE to accurately focus on cyber threats and it has a precise approach to threat detection and the technology can identify both immediate and long-term threats
While initially developed to counteract conventional cyber-attacks, the GCE’s potential applications are extensive, covering areas such as e-crime, supply chain fraud, and cyber-enabled fraud. By incorporating multiple layers of algorithms, including Artificial Intelligence, the group aims to boost the GCE’s threat detection capabilities.
With the increasing demand for mobile and digital services, driven by traditional branch closures, Lloyds’ development of the GCE aligns with industry trends where organisations are increasingly adopting advanced correlation engines to improve threat detection accuracy.
Lloyds Banking Group | Retail Banker Int. | Tech Informed | American Banker | FSTech |
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