For most organizations today, cybersecurity has become a cause of great concern. According to the 2017 annual report generated by CISCO, it has been found that almost 20% of the surveyed organizations had security breaches in the last few years resulting in severe revenue losses.
Most businesses have become easy targets due to the humongous information stored on their database related with customer and payment information. Now, with the availability of advanced technology and research, threats have become more complex and widespread, coming from anywhere when you least expected it.
For instance, there is something called the DDoS attacks (the Distributed Denial of Service Attacks) which are mainly used to mask other acute breaches such as malware implantation and data breaches.
Then we still have our traditional social engineering attacks such as email spam and phishing that we cannot get rid of in any possible manner. Thus, we can easily say that cybersecurity issues are on the rise and hence, should never be taken for granted in any possible manner. Top mobile app development companies such as Octal IT Solution had adopted the ideation and implementation of blockchain technology for dealing with such events and provide all the related mobile solutions so as to keep the cyber attack related issues at bay. So, here are a few ways that prove how blockchain is making cybersecurity safer, faster and inexpensive.
Real-Time Detection and Mitigation of Cyber Attacks
Guard time, a data security startup founded by the Estonian cryptographer, Ahto Buldas, was founded in 2007. This startup did an excellent work in the field of data security, and now, it has shifted its focus entirely on the blockchain technology to safeguard confidential and authenticated records and other financial data.
Guard time has already implemented the use of blockchain technology by developing a Keyless Signature Infrastructure (KSI) – a significant upgrade to the traditional concept of public Key Infrastructure (PKI), using asymmetric encryption strategies and a vast memory cache of all the public keys governed by a centralized certifying authority.
The prominent threat that comes with PKI is that, you require aligning the security with the secrets (keys) and individuals who manage them. That is actually very tedious to implement and very complex to prove. It goes with the similar concept just like you cannot justify that the secret is being kept by a human in the same way it cannot be proved that the keys have never been accessed.
Blockchain has eliminated the requirement for the third parties to analyze the data integrity just as in the case of crypto currency, it vanished the necessity to maintain a third party to stamp the transactions. KSI justifies the originality of the data by implementing hash functions and matches the results with the metadata located on the blockchain. The use of the blockchain technology has made it possible for Guard time to detect and mitigate cyber-attacks in real time. It is only a matter of time for others to follow their example.
Most attackers are known to not only steal data but also to tamper with the same committing fraud and disrupting operations in the process. This is exactly where the blockchain technology comes in because of its ability to offer immutable record keeping. Any fraudulent attempt to alter records will be flagged into the system based on which further security steps can be taken as per requirement.
No more passwords – no more break-ins
Remme’s blockchain has made it possible for businesses to authenticate users and devices without the requirement of a password. Remember, most security breaches usually happen due to some sort of human weakness. For instance, a password can be too easy to guess or misplaced. It is also very likely for the person to be tricked by a fraudster to part with his/her login information. Nevertheless, what if there is no password at all? As we said, no more passwords, no more break-ins. Remme’s blockchain technology can look into that.
Keeping “Distributed Denial of Service” (DDoS) Attacks at a check
On October 21, 2016, millions of users across the United States were cut off from significant websites such as PayPal, Twitter, Spotify, and Netflix. The reason was that a DDoS attack had brought down the DNS servers of the service providers in the province of Dyn. That episode reminded us how a small flaw in the system could create a bottleneck affecting millions of users connected to the system.
The main issue with the current DNS system is its unusual reliance on caching. This has made it possible for China to infect its DNS name servers, censoring particular social media channels and other banned keywords. At the same time, this has also made it easy for millions of malicious bots to shut down whole networks in a matter of minutes. The blockchain technology offers somewhat of a solution.
Blockchain has made it possible for users to access content from their own copy without imposing any cost on the network. This has excellent potential for lifting a huge amount of pressure off the physical backbone of the internet and increases security at the same time.
Safer and inexpensive
Blockchain technology has made it possible for the startups to leverage decentralization for combating novel, advanced, and evolving cyber threats. Blockchain ventures also save a whole lot of money on infrastructure costs; courtesy of the peer-to-peer nature of the technology. This enables cheaper and competitive pricing on services and products, overall.
A decentralized marketplace also opens up the security solutions market to create honestly competition among the players. This creates a low barrier to cyber protection allowing more and more businesses to adopt security solutions fitting with their budget and requirements.
As far as cybersecurity is concerned, blockchain is the future
As you can see from the points above, the blockchain technology provides a completely different approach to cybersecurity, going beyond all the endpoints and stressing more on user identity security, transaction security, communication security, and the protection of crucial infrastructure supporting operations across various organizations.
The blockchain technology can also provide the much-needed transparency in online services enabling us to make the most of the internet while eliminating privacy trade-offs and potential security breaches.