Lloyds Banking Group has secured a patent for the Global Collaborations Engine (GCE), that uses intelligent algorithms to identify cyberthreats instead of false positives.
The engine was designed to support businesses in protecting their customers against cybersecurity breaches. Cybersecurity alerts can often be triggered by misidentified activity, the GCE is intended to be more precise in spotting genuine attacks.
Studies on the GCE indicate that the amount of false positives found are significantly reduced. The GCE is able to analyse alerts across various cybersecurity technologies to find common factors across alerts, and through cross-referencing is able to assess cyberthreats.
The Intellectual Property Office has granted Lloyds its first patent for the GCE in both the UK and US. The bank is currently working on enhancing the GCE’s abilities.
Matt Rowe, chief security officer at Lloyds Banking Group, commented: “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.”
The move follows Lloyds announcement of its IT transformation strategy, that will impact 6,000 employees roles across the company.