Element AI, a global company that delivers cutting-edge AI software products, and National Bank of Canada (NBC) (TSX: NA) today announced a collaborative relationship to integrate AI-powered software within the NBC Security Operations Center (SOC), to maximize cybersecurity protection. Bank security analysts will be able to investigate further, react and respond with more accuracy to alerts and threats. This solution is being deployed using the latest cutting-edge Element AI machine learning technology designed to improve the organization's operational efficiency and security.
Element AI is working with NBC cybersecurity analysts to implement features that create real-time reports and communications alerts—while identifying, mapping, and autonomously hunting for new threats. Once integrated into the NBC infrastructure, the Element AI deep learning product 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 to better focus on verified and pressing cyber threats.
"National Bank of Canada is taking an important step to adopt and leverage cutting-edge AI technologies that empower our security operations analysts," said Dominic Côté, Senior Director of Cybersecurity at NBC. "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," added Côté.
This is the first collaboration announcement in 2019 for Element AI as it goes-to-market with a suite of AI products servicing key industries including: financial services, transportation and logistics, cybersecurity and supply chain. These human-centric AI products enable organizations to scale quickly for operational efficiency and help employees focus on higher level decision-making.
"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," said JF Gagné, Co-founder and CEO of Element AI. "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. AI-powered augmented decision-making will fundamentally change how business is done across every organization," added Gagné.
About National Bank of Canada
With $262 billion in assets as at October 31, 2018, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 23,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca.
About Element AI
Element AI delivers AI software products that augment decisions to make businesses safer, stronger, and more agile. Element AI is headquartered in Canada with offices in Montréal, Toronto, London, Singapore, and Seoul. Element AI is funded by leading investors including BDC Capital, Data Collective, Fidelity Investments Canada, Hanwha Investment, Intel Capital, Microsoft Ventures, National Bank, NVIDIA GPU Ventures, Real Ventures, and Tencent. http://www.elementai.com