Despite what many cybersecurity articles would like us to believe, there is still a long way to go before anyone can conclude that the state of cybersecurity is effective, in the face of the adversity presented in today’s ever-evolving threat landscape.
Taking into account the nature of today’s digital world, for a single advancement in the current cybersecurity solutions employed within enterprises today, cybercriminals formulate and launch multiple cyberattacks within the same time period, which is further made evident by the fact that the estimated damage caused by cyberattacks is expected to amount to a whopping $6 trillion in damages by 2021.
Fortunately, however, there is still a silver lining to look forward to- Blockchain technology, which may very well be the savior on which the future of the cybersecurity world hinges on. When we take into consideration the fact that a crucial reason behind the rampant nature of cyberattacks is the vast attack surface area available to hackers, blockchain technology provides the ultimate solution by minimizing the exposed surface area to cybercriminals.
Before we can get into the specifics of how the Blockchain technology works to ensure the security of the cybersecurity world’s future, we’d like to provide our readers with a brief rundown of what blockchain technology is and what it does exactly.
What Is Blockchain Technology And What Does It Do?
Despite the multiple articles that dive into the fundamental concepts behind the blockchain technology, we’ve often encountered individuals that are unable to grasp the concept of distributed ledgers, simply because they aren’t able to realize the alternative that blockchain offers to the way that things are run today- including the way that the modern internet operates.
Simply put, the definition of what blockchain is can be found in the name itself. At its very core, blockchain is a decentralized, distributed and digitized public ledger, which eliminates a central entry point for cybercriminals. Using the words “block” and “chain” in this context implies that the division of data ( a single block of data) across a public ledger (the chain on which the data is stored) requires hackers to significantly step up their game. With the amalgamation of the blockchain technology, cybercriminals won’t just need to access a single database, they’ll need to break into thousands of blocks of data.
Furthermore, as the name suggests, a blockchain ledger consists of multiple blocks of data being strung together, which actually makes for a highly secure system, since it means that even if a solitary block of data is manipulated with, the entire system will know- which allows for the unprecedented opportunity for enterprises to tighten the security measures they’ve employed on the other databases.
In stark contrast to the centralized, internet-based architecture in use today, the blockchain technology in use today eliminates the need for a central server, which if broken into, can have devastating consequences- as was recently demonstrated by the Capital One data breach, in which hackers breached into the central server which led to the records of 100 million customers being exposed.
With more and more companies relying on cloud computing systems for the storage of their data, the reward i.e. confidential data has increased for hackers, who can now gain access to an organization’s data pool by breaking into their cloud network.
How Can Blockchain Technology Work In Tandem With Cybersecurity?
When it comes to the present state of the cybersecurity world, despite the recent inclusion of modern technologies such as artificial intelligence and machine learning into security solutions, there are still some major discrepancies within the implementation of cybersecurity practices.
Taking into consideration the derelict state of cybersecurity implementation and compliance within enterprises- the solution presented by blockchain technology is more than welcome since it fundamentally alters the way that cybercriminals operate, and limits the abilities of cyber thieves and hackers to a staggering extent. According to security experts, to prevent the risk of cyber-attacks and threats you can go with the use of a VPN too. There are several suitable free VPNs that can ensure your online privacy to a great extent.
Since there are so many parts involved in a single blockchain, cybercriminals need to invest a lot of resources in hacking blockchain, which explains why no cybercriminal has ever been brave enough to hack Bitcoin, the cryptocurrency that runs on blockchain.
Some useful ways in which hackers can rely on blockchain technology to further the principles of cybersecurity within their organizations are as follows:
- Minimizing identity theft and other financial fraud by the formulation of peer-to-peer consensus mechanisms.
- Increasing identity verification.
- Ensuring that hackers have no single point of entry into an organization’s networks.
- Boosting security by utilizing end-to-end privacy and encryption.
- Stripping hackers of the liberty to tamper with data, by securing the “block” through multiple defenses.
In addition to the perks we’ve mentioned above, blockchain offers a rather unconventional approach to cybersecurity, by taking the “human” element out of the security equation. When it boils down to it, human employees are perhaps the weakest and most exploitable link in any organization, which is where blockchain proves itself to be extremely handy.
Furthermore, with the blockchain technology, the security possibilities are virtually endless. Whether it be something as simple as amping up the current password authentication methods employed in the company, or a phenomenon as complex as securing an online trading platform such as Forex trading- blockchain technology can be utilized everywhere.
At the end of the article, we can only hope that we’ve presented to our readers a new cybersecurity solution, and shown to them that there are still steps that companies can take to ensure the longevity of their security infrastructure, along with working on their business goals as well.