Royal Bank of Canada to spend $2 million on research into AI-based cybersecurity

The Royal Bank of Canada (RBC) is to invest $2 million into an Israeli-based university spin off to support the development of AI-based cybersecurity techniques.

The Canadian bank is partnering with BGN Technologies, the technology transfer company of Ben-Gurion University (BGU) in Israel, to sponsor research into the use of machine learning-based cyber mitigation techniques.

The research areas will be developed in collaboration with Professor Yuval Elovici and Dr. Asaf Shabtai, both from the Department of Software and Information Systems Engineering, at the Ben-Gurion University Cyber Security Research Center.

Martin Wildberger, EVP technology & operations, RBC, says: “In today’s incredibly complex world, we need advanced technology like AI and machine learning to continue developing leading-edge cyber security. This partnership will help support our cyber defense by working with prominent experts in the field, such as the researchers at Ben-Gurion University.”

RBC plans to spend $3.2bn on technology this year in a bid to attract new customers looking for more digital banking services. The bank wants to use new technology such as artificial intelligence, digital services and social media to add 2.5 million new customers by 2023, a threefold increase on its current rate of customer acquisition.