Element AI & National Bank of Canada announce collaboration
Element AI Element AI
February 21 4 min

Element AI & National Bank of Canada announce collaboration

Since the beginning of 2019, we’ve been in the news quite a bit in regards to being ready to release our AI-powered products into the business world. In a step toward realizing this objective, we’re announcing a relationship with the National Bank of Canada, by integrating our AI-powered products to support the NBC Security Operations Center (SOC), with the aim of helping to maximize cyber protection.

What does this mean for the National Bank of Canada, as well as its security operations analysts and personnel? Well, in simple terms, it means that bank security analysts will be able to investigate, react to, and respond to alerts and threats with much more accuracy and efficiency.

Actively working with internal cybersecurity analysts

Our products are modular and role-centric in design, so they can deliver a custom fit for the specific needs of each of our individual clients. While integrating this AI technology within an established structure is more involved than flipping a switch, our teams will work directly with NBC’s internal cybersecurity analysts to implement features that create real-time reports and communications alerts—while identifying, mapping, and autonomously hunting for new threats.

Applying our “Human in the Loop” approach optimizes the interaction between the actual human workforce and the AI product, which leads to the augmentation of employee capabilities.

Once integrated, our deep learning algorithms will analyze data and create a response workflow that delivers continuous predictions and suggestions on courses of action, while eliminating many false positives. These features will help SOC analysts focus on verified and pressing cyber threats.

An important first step in safe guarding against cyber threats

By embarking on this journey with us, the National Bank of Canada is taking a groundbreaking first step towards empowering its whole banking network against cyber threats that are growing in both volume and sophistication.

Dominic Côté, Senior Director of Cybersecurity at NBC, is just as excited as we are about tackling this challenge together, and said about our partnership: “National Bank of Canada is taking an important step to adopt and leverage cutting-edge AI technologies that empower our security operations analysts.

“We are convinced that the power of AI can increase our overall efficiency in staying vigilant against the ever-increasing volume of sophisticated cyber threats. Element AI offers world-class technology from some of the most established data scientists in the world—and together we are architecting the systems to aid our employees with augmented decision-making to keep our systems secure”.

AI-powered products for every organization in every industry

When discussing this breakthrough collaboration into the specific area of cybersecurity in banking, JF Gagné, co-founder and CEO of Element AI, had this to say: “Through our first cybersecurity product collaboration and deployment with National Bank of Canada, we are helping SOC analysts more efficiently detect and manage cyber anomalies, freeing them to focus on more critical activities”.

While the National Bank of Canada is the first publicly announced product-related collaboration with Element AI, JF Gagné truly believes that AI has a place in every organization, regardless of the industry, and added: “AI has the power to assist organizations in building intelligent solutions that produce perspectives and insights that were never before possible. We are committed to delivering products to market that help companies perform their job with more accuracy and efficiency. AI-powered augmented decision-making will fundamentally change how business is done across every organization”.

We invite you to have a look at our entire suite of AI products servicing key industries for yourself. You’ll quickly get an idea of how our human-centric AI products can enable organizations to scale quickly for operational efficiency and help employees focus on higher level decision-making.

For more information on how our AI products apply to your organization, reach out to us here.