Artificial Intelligence and Big Data: Modern Tools for the Banking and Insurance Sectors. Potential Risks for Local Security

Artificial intelligence (AI) and big data are increasingly being used in the financial sector with the intention of automating decision-making processes in an optimized manner. Contemporary finance is thus faster and more efficient in various contexts. Despite their widespread use and relative success, AI and big data suffer from multiple issues, which can lead to potential threats to local communities. With the aim of opening discussion about these potential threats, we present various scenarios under which they may be realized. Some of these scenarios were based on actual events reported in news media, while others are gedankenexperiments (thought experiments) designed to highlight these threats. Our examples show that the use of AI and big data within banking and insurance sectors calls for further studies, specifically in local security contexts.