Lloyds Banking Group has secured a patent for its Global Collaborations Engine (GCE), an innovative system that employs intelligent algorithms to accurately identify cyberthreats while minimizing false positives.
The GCE is designed to help businesses protect their customers from cybersecurity breaches. Traditional cybersecurity alerts are often triggered by misidentified activities, making the GCE a more precise tool for detecting genuine attacks.
Research indicates that the GCE significantly reduces the number of false positives by analyzing alerts from various cybersecurity technologies to identify common factors. Through cross-referencing, it effectively assesses cyberthreats.
The Intellectual Property Office has granted Lloyds its first patent for the GCE in both the UK and the US. The bank is actively working on enhancing the GCE’s capabilities.
Matt Rowe, Chief Security Officer at Lloyds Banking Group, stated: “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.”
This development follows Lloyds’ announcement of an IT transformation strategy that is expected to impact 6,000 employee roles across the company.