AI Needs Access to Data. That Doesn't Mean It Needs to See It | Opinion
Summary
The article explains that AI systems need access to data but should not see more information than necessary. It highlights the importance of protecting data during the time it is being processed, not just when it is stored or transmitted.Key Facts
- People do not have to understand how AI works to expect their financial data to be protected.
- Banks and organizations should limit AI access only to the data needed for a specific task.
- Data protection should include rules built into the system, like requiring approval for sensitive actions.
- Encryption protects data at rest (when stored) and in transit (when sent), but processing data often requires decrypting it.
- New cryptographic methods allow some calculations on encrypted data without revealing the information.
- An experiment by SWIFT showed collaboration using privacy tools improved fraud detection across banks.
- Regulations, such as the EU’s DORA framework, require protection of data during processing based on risk levels.
- Institutions should explore secure ways to process data to enable analysis while keeping information safe.
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