AI-powered defence: The way forward

Canadians continue to embrace the convenience of digital banking. We use the technology to regularly pay bills, transfer money, and check our accounts with a few simple taps on our phones. This convenience also presents a growing security risk: cyber-attacks. 

Strong security systems that represent a first line of defence are needed to help combat the evolving and rising digital threats. At RBC®, these cybersecurity efforts are underpinned by a commitment to innovation and the art-of-the-possible. We constantly explore ways in which emerging technologies such as AI and machine learning can enhance our defence capabilities. RBC announced at our Investor Day that the bank continues to invest in AI in all our lines of business, from the trading floor, to better enabling advisors, to building industry-leading fraud detection applications. Employing AI-powered solutions to detect and respond to potential threats in real-time is paramount. “It’s essential we always stay one step ahead, as criminal enterprises have 24/7 support structures in place just like the legitimate world,” says Adam Evans, RBC’s SVP & Chief Information Security Officer.  

Protecting Clients through AI-Powered Cybersecurity 

As our deployment of AI in cybersecurity is rapidly evolving to combat the sophisticated tactics of bad actors, RBC is well-positioned to use our advanced tools to analyze vast amounts of data, allowing us to identify potential threats effectively. Our solutions are enabled to help protect us from ransomware, phishing attacks, and other types of criminal behaviour that threaten to gain access to our data. An example of this is Lumina, RBC’s internal centralized data platform. It systematically collects and curates data across each of our business lines, enabling us to build cutting-edge AI in a safe and scalable way. This curation of high quality and reusable data assets is necessary to utilize our AI systems with great accuracy. 

Proactively protecting our clients is also a major piece of our defense strategy. We reach out and continue to build trust by educating clients on the growing threats that come along with using any digital platform. “While many Canadians are aware of things they can do to be safer online,” shared Evans, “there's still opportunities for them to change behaviours and mitigate risks in an ever-evolving digital world." RBC’s Be Cyber Aware website shares practical tips with clients to help protecting themselves from a variety of cyber threats. With more fraud and cybercrime in our world than ever, combining our advanced tech solutions with client education and awareness ensures a comprehensive strategy to cybersecurity that helps protect our clients' data. 

Our Approach to Innovative Collaboration 

The driving force behind us is our innovative culture. Our mindset and approach allow us to collaborate and empower our teams to develop the appropriate software and AI tools. 

RBC is working with generative AI (genAI) leader Cohere to deploy all the data and software entirely within our security perimeter. Working closely with their R&D team will also support improved safety and security measures and bring in our own data to improve accuracy and relevancy for our applications. By sharing our expertise, we can utilize their systems to enhance our threat detection and response capabilities.  

Our success in minimizing threats is evident across our organization. Our award-winning fraud modernization initiative uses AI and machine learning to revolutionize RBC’s methods for prediction and prevention. These technologies reinforce our ability to help protect our data through increased accuracy, real-time detection and response, flexibility, and agility, ultimately protecting clients where they need it most.  

RBC’s approach to innovation and client safety is underpinned by our responsible and proactive use of AI to enhance cybersecurity abilities. This technical expertise coupled with our collaboration with industry-leading partners gives us confidence that we can keep our clients safe in the face of greater risk in our digital world. As we look to the future, we're excited to continue exploring the potential of AI and other emerging technologies to improve our clients' lives and stay ahead of the curve in the financial services industry. 

Want to join the world of fighting cyber-crime with AI? We’re hiring! 

® / ™ Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. Used under license. 

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.