Lloyds Banking Group has secured a patent for its cybersecurity technology, the Global Collaborations Engine (GCE), which utilises intelligent algorithms to identify genuine cyber risks.
The patent, recognised in both the UK and the US.
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The GCE distinguishes itself by aggregating and analysing alerts from various cybersecurity technologies.
It looks for common attributes, trends, and potential connections among different alerts, cross-referencing this data with known components and indicators of cyber-attacks.
This process enables the GCE to accurately pinpoint cyber threats instead of false positives, offering a precise approach to threat detection.
The technology can identify both immediate and long-term threats.
While initially developed to counteract conventional cyber-attacks, the GCE’s potential applications are extensive, covering areas such as e-crime, supply chain fraud, and cyber-enabled fraud.
By incorporating multiple layers of algorithms, including artificial intelligence, the group aims to boost the GCE’s threat detection capabilities.
Lloyds Banking Group chief security officer Matt Rowe said: “Our Global Correlation Engine is an exciting innovation that will allow us to identify genuine threats more quickly and efficiently, ensuring customers are protected.
“We’re working to develop the Engine further, using artificial intelligence to supercharge its capabilities.
“This innovation, developed by our world-class cyber experts, demonstrates our commitment to advancing cybersecurity and protecting our customers with cutting-edge technology.”
In January this year, Lloyds Banking Group was in the headlines for its plans to close an additional 136 branches in the UK amid increasing demand for digital services.
