One of the biggest difficulties in security is the excessive number of false positive alerts, which can drown out surveillance teams in pointless investigations, has been developed and patented by Lloyds Banking Group.
Large organizations frequently rely on safety devices that generate thousands of alerts every day, many of which are falsely identified as threats. These false positives can divert attention from real cyber risks and waste a Security Operations Centre ( SOC ) team’s resources as well. The new technique used by the UK bank aims to change that.
The Global Correlation Engine ( GCE ) is described by Lloyds as being based on cross-referencing alerts from various security tools, identifying patterns, and using sophisticated algorithms, including artificial intelligence, to determine which alerts represent actual threats, according to a statement released by the bank this week.
Lloyds Banking Group claims that its SOC can concentrate on preventing misleading positive studies and protecting its clients because of the technology’s use.
The technology has now received the first ever patents issued by the bank in both the UK and the US, making it a significant achievement in the bank’s cybersecurity strategy. By incorporating AI into the system at each level to improve its diagnosis capabilities, Lloyds intends to further build the system.
What are the potential uses for GCE in the future?  ,
The possible programs, according to the banks, include e-crime, supply chain scams, and cyber-enabled fraud, despite the technology being developed initially to fight standard cyber-attacks.
Our Global Correlation Engine is an interesting technology that will allow us to identify legitimate risks more quickly and effectively, ensuring customers are protected, according to Matt Rowe, key safety officer at Lloyds Banking Group, who stressed the significance of the discovery.
We’re working to further build the website by utilizing artificial knowledge to expand its functions. Our world-class digital experts have created this innovation to demonstrate our commitment to improving cybersecurity and providing our customers with cutting-edge technology.
This action is a part of Lloyds Banking Group’s wider effort to improve its security defenses. The lender has been making significant investments in cutting-edge technologies to guard user data and transactions.
For example, it has previously worked on improving online banking’s ability to detect fraud, and it is a component of wider efforts to combat cybercrime in the financial sector.
The GCE growth by Lloyds is in line with market trends, which include organizations adopting more sophisticated correlation engines to increase threat detection accuracy.
Other financial institutions and tech companies, like Microsoft, have been improving their own correlation tools to increase efficiency. For instance, Microsoft’s system is said to keep analysts millions of hours every by integrating sporadic security alerts with a wider threat picture.