The World Economic Forum underscores the importance of security in the age of A.I., stating: “As A.I. models depend on data quality to deliver salient results, their continued existence hinges on privacy protection being integral to their design.” As A.I. models heavily rely on data to deliver meaningful results, their sustainability hinges on the integration of privacy protection into their design.
In an era dominated by A.I. and data-driven decision-making, the securities industry faces unique challenges in maintaining both translation quality and the highest standards of data security. Advancements in A.I. emphasize the critical role of privacy protection in machine translations. Organizations need to be aware of these security holes when searching for an appropriate translation solution. This can most easily be demonstrated by your translation provider if they have ISO and/or SOC certification.
Compliance vs. Security
A.I. applications that pull in data from multiple sources may expose the firm to new security risks. In addition, customer-facing tools offered by firms on third-party platforms (e.g., virtual assistants offered on third-party consumer devices) could pose security risks, such as those introduced through vulnerabilities through inadequate authentication procedures.
Compliance refers to the regulatory frameworks in which data is handled and protected. The compliance risk in machine translation is largely dependent on who has access to the data. This usually refers to whoever has access to this data before and after a machine translation is produced. Users that have access to this data should be verified and trustworthy.
From a security perspective, following best practice protocols aims at minimizing the risk of data tampering. These include determining public and private access to the data network, using effective two-way encryption, and using multi-factor authentication systems. Moreover, collecting and storing a large amount of data poses challenges to data protection. Hence, it is imperative to ensure that data is collected and processed in compliance with relevant data protection regulations.
Cyber Security
In terms of A.I., many concerns around cybersecurity appear to be the key threat to the securities industry. It is essential to safeguard sensitive financial information and maintain compliance with regulations. Many of the documents can contain sensitive information, where security and confidentiality are paramount. Firms would benefit from incorporating cybersecurity emphasizing the need for a translation provider that ensures the highest level of security and compliance.
A.I. tools may offer firms insights into customer behavior and preferences, they also may pose concerns related to customer privacy if the information is not appropriately safeguarded. Broker-dealers benefit from considering the applicability of relevant privacy rules and safeguards.
The Alexa Translations A.I. Advantage
As the securities industry navigates the intricacies of A.I.-enabled translations, the choice of a translation provider becomes a strategic decision.
Alexa Translations A.I. goes beyond linguistic excellence to address unique security concerns and we stand as a reliable partner in ensuring the security of translation projects through our well-established client base in the securities industry. When privacy protection is integral to the design of A.I. models, choosing the right option is important. By integrating gold-standard security protocols (SOC 2 compliance and ISO 17100), we ensure that sensitive financial information remains confidential throughout the translation process.
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