A new security application that uses algorithms to display real threats rather than false positives has been granted a patent by Lloyds Banking Group.
The bank claimed that its Global Correlation Engine ( GCE ) functions by storing and analyzing alerts from various cybersecurity technologies to find common characteristics, trends, and potential connections between various alerts.
The GCE can properly assess and identify digital threats by comparing this information to components and typical indicators of a cyberattack.
According to Lloyds, classic cybersecurity software, which is meant to identify threats and sensitive businesses to possible attacks, may lack precision, which can occasionally cause alerts to be triggered by misidentifiable malicious activity.
Since the GCE was implemented, Lloyds revealed that the risk of missing legitimate attacks has been reduced and that false positive investigations have decreased substantially.
The business continued that it is working on expanding the GCE so that it can use several pieces of systems and AI to enhance its features.
Although the technology was first developed to combat standard cyberattacks, according to Lloyds, there is potential for the GCE to be applied to the prevention of a number of other crimes, including e-crime, supply chain scams, and cyber-enabled scams.
The Intellectual Property Office granted Lloyds its second GCE invention in both the UK and the US, making it the first time it has ever been granted.
According to Matt Rowe, main security officer at Lloyds Banking Group,” Our Global Association Engine is an exciting technology that will enable us to identify real risks more quickly and effectively.” This technology, created by our top computer experts, demonstrates our dedication to improving cybersecurity and providing our customers with cutting-edge technology.