Lloyds Secures Patents for Methodology That Assesses Cybersecurity Alerts

Lloyds Banking Group secured a patent in the United Kingdom and United States for a methodology that uses intelligent algorithms to assess whether cybersecurity alerts could be genuine threats.

This methodology is for the company’s Global Correlation Engine (GCE), which is designed to enhance cybersecurity and the handling of alerts by reducing false positives and allowing users to focus on genuine attacks, Lloyds Banking Group said in a Monday (March 3) press release emailed to PYMNTS.

The company is also working to further enhance its GCE with additional layers of algorithms, including artificial intelligence, according to the release.

The technology’s potential applications include defending against not only cyberattacks but also supply chain fraud, cyber-enabled fraud and other threats, per the release.

“Our Global Correlation Engine is an exciting innovation that will allow us to identify genuine threats more quickly and efficiently, ensuring customers are protected,” Lloyds Banking Group Chief Security Officer Matt Rowe said in the release. “We’re working to develop the Engine further, using artificial intelligence to supercharge its capabilities.”

The share of chief operating officers (COOs) who report that their companies have implemented AI-powered automated cybersecurity management systems increased threefold between May and August, according to the PYMNTS Intelligence report, “The AI MonitorEdge Report: COOs Leverage GenAI to Reduce Data Security Losses.”

The report found that the increase boosted the share of such COOs from about 17% in May to 55% in August. Each of the COOs surveyed for the report represents an organization that generates more than $1 billion in annual revenue.

The report of Lloyds Banking Group’s GCE follows news of some other company projects that involve the use of AI.

Lloyds Banking Group brand Lloyds Bank said in September that it launched a collaboration with AI platform Cleareye.ai to use AI to streamline processing and compliance checking for trade finance documentation.

“We’re continually looking for ways to help our clients trade simpler, faster and more efficiently and our partnership with Cleareye.ai enables us to deliver this,” Rogier van Lammeren, head of trade and working capital products at Lloyds Bank Commercial Banking, said in a Sept. 3 press release.

In August, Lloyds picked Amazon Web Services (AWS) veteran Rohit Dhawan as its director of AI, overseeing the firm’s AI Center of Excellence and driving adoption of AI-powered products and services for the lender.

“Rohit will work across the business to further integrate AI outcomes into business priorities, helping us to scale AI in a consistent way and deliver against our strategy,” Ranil Boteju, the bank’s chief data and analytics officer, said in an Aug. 5 press release.