How Machine Learning Can Keep Businesses Safe

There are numerous things businesses and business owners need to keep in mind when running business operations. From researching the competition and discovering the best ways to stay ahead of them to come up with the best marketing strategy. From finding the right people for the job to ensuring all equipment is up to standard. All of these elements need to work together to ensure the business keeps growing and stays successful. There is one business element everybody seems to forget, however - cyber security and fraud prevention. 

Many small and medium-sized businesses didn't implement any protection strategy as they don't believe they are significant enough to become a target. While the bigger-sized companies have a cybersecurity strategy, in most cases, it is not adequate as they are still relying on traditional methods.

Cybercriminals and fraudsters constantly update their malicious actions, and they will target just about anyone as long as they will make a profit. If you don't update your cybersecurity strategy, you will place your business in danger. In SEON's guide for machine learning, you will discover how to implement this technological marvel as part of your fraud prevention and cybersecurity strategy. 

Why are cybersecurity and fraud prevention essential in your business? 

The truth is that fraud or cybercrime are not new concepts, and they have been present in the business world since its beginning. Companies from all business sectors have always had to deal with some aspects of it, but cybercrime and fraud have reached new levels with the development of technology. More and more businesses are becoming victims of different types of attacks, from data breaches to phishing attacks. According to the research company, Cybersecurity Ventures, the cost of cybercrime is expected to increase by nearly 15% yearly, reaching $10.5 trillion annually by 2025. Compared to the $3tn in 2015, you can see how much the cybercriminals stepped up their malicious actions, and they don't seem willing to slow down any time soon. If you want your business to remain safe from cybercrime and fraud attempts, you need to start keeping up with the newest cybercrime trends and develop a security strategy for dealing with them according to a report by The National News.

Do you believe you have an adequate cybersecurity strategy in place? If you have answered yes, you are among only 14% of small and medium businesses that think they are adequately protected. This is extremely concerning statistics, considering that 43% of cyberattacks will target them. You might even inadvertently be putting your business in danger with some of your daily actions. Luckily, you can put an end to it by implementing machine learning in your cybersecurity strategy.

What is machine learning?

Machine learning is a branch of artificial intelligence (AI) that can automatically improve its performance by using data and experience. It is constantly learning, which allows it to keep up with changing markets and evolving trends. This makes it more effective than traditional cybersecurity and fraud prevention solutions, as it can quickly adapt to protect businesses from new threats.  

Machine learning is already part of our lives, and we are unknowingly using it on a daily basis. Have you ever asked Siri or Google Assistant a question? They are able to answer your question thanks to machine learning. Machine learning is also used in various commute planning apps, such as Google Maps or Uber. For example, Google Maps can not only calculate the amount of time you will need, but it can also use user-reported issues and indicate if there is construction, traffic, or accidents that might cause delays. 

How can machine learning keep your business safe?

As we mentioned before, machine learning uses the knowledge it gathers from the imputed data to improve constantly and offer the best possible protection. It will never stop being relevant, as it will continue to evolve and improve its fraud detection strategy. This is extremely useful for cybersecurity and fraud prevention as cybercriminals constantly evolve their criminal activities to avoid detection. With traditional methods, it would take time to notice any changes or even more to recognize the new types of attacks as they are not as adaptable. 

Machine learning in cybersecurity

In cybersecurity, machine learning can be used to stop the attack before it even happens. Since it uses historical data, it can recognize red flags or patterns that might indicate malicious activity and stop it before cybercriminals can do any damage. For example, this is extremely useful for detecting potential malware or ransomware before users open malicious files and risk their devices and data. And it doesn't stop there, by constantly evolving and adapting, it can help you fight against all types of cyberattacks.

Machine learning in fraud prevention

Unfortunately, the fraud will never disappear. With so many people accessing the internet daily and companies transferring their business operations online, fraud will only get more present. Machine learning can create a risk score that can help businesses determine how dangerous customer interaction is. Then you can take necessary actions to stop the fraudulent behavior.

Unfortunately, the only way you can keep your business completely safe from any dangers is by closing it. So, by implementing machine learning in your cybersecurity and fraud prevention strategy, you can significantly reduce the risks. 

About The Author

Gergo Varga has been fighting online fraud since 2009 at various companies – even co-founding his own anti-fraud startup. He's the author of the Fraud Prevention Guide for Dummies – SEON Special edition. He currently works as the Senior Content Manager / Evangelist at SEON, using his industry knowledge to keep marketing sharp, communicating between the different departments to understand what's happening on the frontlines of fraud detection. He lives in Budapest, Hungary, and is an avid reader of philosophy and history.