According to the bank, the Global Correlation Engine (GCE) functions by collecting and examining alerts from various cybersecurity technologies. By identifying shared characteristics, trends, and potential links between alerts, the system aims to improve the accuracy of threat detection.
The tool cross-references data against known cyber-attack patterns to assess and determine the legitimacy of potential threats. Lloyds stated that conventional cybersecurity software can generate alerts for activities mistakenly identified as malicious, leading to inefficiencies in investigating potential threats.
Since deploying the GCE, Lloyds reported a notable decline in false positive investigations while reducing the likelihood of overlooking actual cyber threats. The bank also indicated that further enhancements are underway, incorporating additional algorithmic layers and artificial intelligence to improve detection capabilities.
Initially developed to address traditional cyberattacks, Lloyds sees potential applications for the GCE beyond cybersecurity, including combating e-crime, supply chain fraud, and cyber-enabled fraud. The Intellectual Property Office has granted Lloyds its first-ever patent for the technology, securing approval in both the UK and the US.
Matt Rowe, chief security officer at Lloyds Banking Group, stated that the tool enables quicker and more precise identification of cybersecurity threats, helping to protect customers. He added that the development of the GCE reflects the company’s focus on advancing cybersecurity measures.
In October 2024, Lloyds upgraded its mobile banking app by allowing customers to request money from friends and family leveraging a new Link pay capability.
By introducing the Link Pay feature into the mobile banking app, Lloyds intended to enable its customers to send a request for funds to friends and family, regardless of who they bank with in the UK. Link Pay provided the option to create a secure link or a QR code, mitigating the need for offering individuals personal account details.
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