Cybercrimes have become the latest battles that enterprises need to anticipate. Whether it is a company, a healthcare system, a university, government office or a military system, cybercrimes can creep into any of them to grab data and information. This data is then used with malicious intention to either hack the site or rob them of money. This makes any ecosystem on the web quite vulnerable to bot attacks. In fact, the average cost of a malware attack on a company is estimated at $2.4 million. Because of this risk, more and more company owners are investing in technology to prevent cyberattacks.
“To rule out cyber threats, IT analysts predict an investment of $1 trillion in cyber security within a time span from 2020 to 2025.”
“Global Risks Report 2019 suggests 80% disruption of operation and infrastructure due to cyberattacks. 82% risk is posed by theft of data and money owing to cyberattacks.”
According to reports nearly 75% of CEOs prioritize investing in technologies that offer cyber security.
Blockchain technology is a revered name in protecting data from cyberattacks. Companies like IBM, General Motors and even NASA have invested in Blockchain technology to save their data and information from getting out. Basically, Blockchain technology uses the ledger platform to distribute data into encrypted form and in pockets that are decentralized. This gives it an edge and makes it ideal for cyber security.
“Reports by purplesec.us suggests that the US government shells out $15 billion on cyber security. 75% of enterprise CEOs invest in cyber security technologies to avert loss of data due to threats.”
Why Blockchain technology is best for cyber security?
Tons of sensitive data enters an ecosystem like eCommerce websites, healthcare companies and enterprises of all kinds. The data enters through IoT devices, social media platforms, cloud storage spaces and many other avenues on the web. Blockchain technology tightens the loose ends to ensure that there is not an atom of data being floated without encryption. In this way it nullifies cyberattacks to keep data secure.
Let’s see how Blockchain helps to prevent cybercrimes.
Blockchain offers decentralized storage!
Storing data in one place, the cloud or a single server makes it vulnerable to cyberattack. The hacker just needs to break the security of that one area and grab all data. This is easily prevented by using Blockchain based storage solutions which stores data in archived form at different locations. Access can only be obtained through a cryptographic access key which can be easily revoked when a threat is sensed. Hackers cannot take advantage of a single point entry, and data is stored safely in repositories scattered across the Internet. According to reports by symantec, cryptojacking was reduced by a huge 52% through the use of crypto currency offered by Blockchain. This is a grand success which blocked ransomware to minimize cybercrime.
Internet of Things safer with Blockchain!
Hackers generally hack the basic devices that connect systems. Be it routers, switches, cameras, thermostats or nodes, they are all vulnerable to threats. Statistics suggest that 90% of cyberattacks are due to infected devices connected by IoT. Hackers can easily access the credentials and data floating between these devices. By using Blockchain, data exchange between various devices can be stopped at the first sign of suspicious activity. Even devices can be designed to form networks that stop any node that behaves abnormally. Timely communication between remote devices to pass threat messages is possible through Blockchain. By creating a decentralized flow of data, it makes it really tough for a hacker to crack a network. It’s next to impossible to break such a high level of security which can block nodes and not give permission for data exchange.
Blocking the vulnerability of DNS!
Domain name servers are centralized, making them open to threats. Hackers can easily plan, as well as execute, attacks by breaking the connection between a website and IP address. There have been instances when visitors were routed to scam websites by breaking this connection.
These kind of attacks were addressed with the help of tail log files, which detect and report suspicious activity. However, it is a long process and needs to be monitored actively. With Blockchain, the domain information is stored in an encrypted form on a distributed ledger giving no room of access. This saves DNS, making the entire system a lot more secure than those done with tail log files.
Blockchain makes private messages secure!
A huge amount of malicious software is found to spoil data floated on social media sites, public websites, twitter and other platforms of public interaction. eCommerce is the most undefended platform in this regard. Meta data is extracted from customers to know their preferences, shopping behavior and to design better marketing ads to increase sales. Even now, there are many apps that lack an adequate mechanism to encrypt cross messenger dialogue. Blockchain adds a layer of security by encrypting all messages and securing every node including those associated with different platforms. By using decentralization, it keeps data safe and still connects the social media platforms. In this way, it helps in the secure flow of data from one platform to another.
There are many more areas where Blockchain technology can be used to impart security to a system. Companies are becoming aware of this trump card and are already investing in it. Companies like IBM which has invested $200 million in Blockchain and overall tech firms have collectively shelled $2.1 billion on this technology.
“Tech and financial firms are making big investments in Blockchain technology. Experts predict a $2.1 billion investment on this technology.”
These stats prove that Blockchain is making its mark in the realm of cybersecurity and is slowly enveloping enterprises and data flow points on the Internet.