Fintech Embraces AI: Shadow AI Detection & Org Shifts

Fintech executives are finding ways to embrace AI while managing its risks. They're using new tools and organizational changes to allow employees to use AI safely. Here's the thing: these companies aim to avoid blocking progress. One example is MoonPay, a cryptocurrency payments firm. Its CIO and CISO, Doug Innocenti, explains that completely restricting AI means losing innovation. MoonPay addressed the rise of AI tools like ChatGPT by engaging with a security startup called Aim Security. This company provided a secure portal with features like anonymization and blocking, which were not initially available in early ChatGPT versions. Aim Security also evolved to scan network tools for internal AI components and assess how data was used. This helped MoonPay understand and select AI tools independently. Aim Security was later acquired and renamed Cato AI Security. MoonPay is now exploring other secure access service edge tools, including Cato's, to detect "shadow AI" at a higher level, like the network layer, rather than just on individual workstations. The bottom line: these approaches help regulated industries govern AI use rather than simply block it, fostering innovation responsibly.