Cybersecurity is perhaps the most vital aspect of technical innovation. Amid the increase in ruthless attacks that have exploited the COVID-19 situation, new cybersecurity solutions have proven vital in protecting individuals’ virtual and physical well-being. IT professionals across industries are seeking tech combinations that can stave off the surge in attacks, and blockchains may just be the solutions they are looking for.
This is a guest article written by Jori Hamilton. The author’s views are entirely her own and may not reflect the views of IT Governance USA.
While no technology is truly invulnerable, the decentralized databases known as blockchains offer enhanced cybersecurity solutions. At a time when security needs are even more pressing due to the shift to remote working – meaning additional IP access points – every step toward greater security is a step in the right direction.
The world needs to address the cybersecurity issues of the modern era. Through the innovations offered by blockchain systems, databases can better protect client needs for your own protection.
Blockchain and cybersecurity are a perfect match. Here’s why.
The need for cybersecurity solutions
The FBI reported a 400% surge in cyber attacks from the onset of the pandemic, as cyber criminals looked to exploit the fear around COVID-19 and the increasingly digital landscape. Ransomware and phishing are secondary pandemics, forcing organizations to take drastic reactionary measures.
The need to prepare employees through cybersecurity training is vital. With 91% of enterprises around the world reporting an increase in cyber attacks as employees work from home, virtually every business has become a target.
Cyber criminals use ransomware to infiltrate business networks and hold essential data hostage until payment is received. With more workers logging in remotely, private networks are at greater risk. Simple malicious links and social engineering techniques used to target employee information serve as criminal access points. Cybersecurity training and awareness can go a long way to reduce these risks, but it cannot keep all the crooks out.
That’s where blockchain systems come in.
Blockchain and cybersecurity innovations
Invented and popularized through cryptocurrency, blockchain systems are themselves an innovation of data storage. Acting as a ledger, blockchains monitor and record information stored in blocks and protected through cryptographic links. If an attempt is made to alter or seize the blockchain, the connective links are invalidated, shutting the system down unless every individual block can be decrypted. This would take an absurd amount of computing power.
Blockchains are increasingly representing the future of business because they enable this level of security even from a decentralized hub. This has allowed myriad industries to revolutionize data communication processes – everything from smart contracts to supply chain tracking and transparency.
For SaaS (Software as a Service) marketplaces, blockchains are bringing unprecedented levels of security and efficiency. The technology allows for the use of cryptocurrency and e-wallets in transaction processing, reducing the risks of fraud and identity theft through its unique cryptographic system. This is the reason massive players in the e-commerce industry such as Apple and Google are using these systems.
Apple, for instance, patented a blockchain-based cybersecurity measure that verifies the authenticity of timestamps on data. This is crucial, as timestamps are typically relied upon by network administrators to maintain the integrity of a database. With the use of blockchain systems, Apple has conceived a method of managing timestamps by creating a new immutable block when a previous one has been decrypted, indicating the new time. This allows honest nodes to detect fraudulent access without corrupting the Secure Element.
This is just one example of the scope of cybersecurity protections offered by blockchain. Among the many benefits of blockchain in cybersecurity are:
- Fraud prevention through key pairing infrastructure
- Website security through decentralized DNS operation
- Traceable, unremovable data nodes
For data storage and management, little else offers the security of a blockchain. Each user on either a public or private chain is issued keys specific to their data, making fraud possible only at an individualized level. The decentralized nature of such a platform can make issues like traffic crashing through a DDoS (distributed denial-of-service) attack problems of the past. Also, the impossibility of removing information from a blockchain allows for tracking and transparency of data that enhance the overall security of a database.
While blockchains are by no means unhackable, the innovations in cybersecurity they offer make them appealing systems for the modern, vulnerable digital ecosystem.
Blockchain and cybersecurity: A match made in heaven
Cybersecurity solutions have never been more necessary. As the world faces a global health pandemic and a virtual pandemic of cyber crime, blockchains are ready with cryptographic linking and user-specific key authorization to keep data safe. Businesses attempting to manage databases with workers logging in from home should look to blockchains as a potential answer to security issues. While cybersecurity awareness training is vital, integrating a blockchain system can be the next step in protecting against costly data breaches.
