Lloyds introduces new Global Correlation Engine to strengthen cybersecurity defences
Lloyds Banking Group has unveiled a patented new cybersecurity tool, dubbed the Global Correlation Engine (GCE), which it says leverages AI and “intelligent algorithms” to “spot genuine cybersecurity threats, rather than false positives”.
Lloyds has been awarded a patent for its new cybersecurity tool
The GCE operates by storing, analysing, and cross-referencing alerts from various cybersecurity systems to detect “common attributes, trends, and potential connections between different alerts”, according to a statement from the bank.
Lloyds says that the new tool addresses where cybersecurity software “can lack precision” in identifying potential threats. The bank claims that since it has adopted its GCE tech, the number of investigations into misidentified alerts, known as false positives, has “significantly reduced”.
The bank also suggests that the tech’s use cases extend beyond combatting “traditional cyberattacks” to potentially include “e-crime, supply chain fraud, cyber-enabled fraud, and more”.
To safeguard its innovation and “bring further improvements”, Lloyds has also secured its first-ever patent from the Intellectual Property Office. Granted in both the UK and the US, Lloyds says the patent covers its new GCE methodology that uses “intelligent algorithms to analyse cybersecurity alerts and determine which alerts could be genuine threats”.
Moving forward, Matt Rowe, the banking group’s chief security officer, says: “We’re working to develop the engine further, using artificial intelligence to supercharge its capabilities.”
