Lloyds Banking Group has secured a patent for a new cybersecurity tool that uses algorithms to sport genuine threats rather than false positives.
The bank said that its Global Correlation Engine (GCE) works by storing and analysing alerts from across different cybersecurity technologies to identify common attributes, trends and potential connections between different alerts.
By cross-referencing this information against the components and common signs of a cyber-attack, the GCE can accurately assesses and identifies cyber threats.
Lloyds said that traditional cybersecurity software, which is designed to identify threats and alert businesses to potential attacks, can lack precision which means that alerts can sometimes be triggered by activity which is misidentified as being malicious.
Lloyds revealed that since it implemented the GCE, investigations of false positives have significantly reduced and the risk of missing genuine attacks has been minimised.
The company added that it is working on developing the GCE further so that it can leverage multiple layers of algorithms and use AI to improve its capabilities.
While the technology was originally developed to combat traditional cyberattacks, Lloyds said there is potential for the GCE to be used in the prevention of several other crimes including e-crime, supply chain fraud and cyber-enabled fraud.
The Intellectual Property Office has awarded Lloyds its first ever patent for the GCE and has been granted in both the UK and the US.
“Our Global Correlation Engine is an exciting innovation that will allow us to identify genuine threats more quickly and efficiently, ensuring customers are protected,” said Matt Rowe, chief security officer at Lloyds Banking Group. “This innovation, developed by our world-class cyber experts, demonstrates our commitment to advancing cybersecurity and protecting our customers with cutting-edge technology.”
