How AI is transforming risk management in businesses
AI is shaking up how companies handle risks, according to a report by Rubix.
With AI, businesses can analyze massive amounts of data quickly and make smarter predictions.
Insurance companies especially benefit—they can fine-tune their pricing and spot risky patterns.
Real-time fraud detection is attributed to credit card/payment companies.
AI's role in fraud prevention
AI isn't just about crunching numbers—it's also a powerful tool against fraud.
Mastercard, for example, used AI-driven analytics to block $52 billion in fraudulent activity between 2018 and 2019, despite facing nearly 200 fraudulent attempts every minute.
Plus, AI helps keep digital spaces safer by spotting and stopping cyber threats automatically—a big deal as online risks keep growing.
AI's role in post-incident analysis
The report also points out that AI doesn't clock out after an incident. Machine learning digs into what went wrong so companies can fix weak spots and avoid repeat problems.
All in all, using AI for predicting risks, fighting fraud, strengthening cybersecurity, and learning from past events is becoming standard practice in today's business world.