Global cyber attacks and information leaks have been on the rise, as hackers are becoming more and more sophisticated in their methods. In 2021, Facebook announced that a cyber attack exposed the personal information of at least 533 million users - the largest data breach in the company’s 14-year history.
A past article on The Need for Offensive and Defensive IT highlights how protecting data is done in two parts. Namely, finding a system’s weakness and securing the infrastructure against them. It is important to understand how malware today works to safeguard company data. Large-scale attacks can happen, and protecting data is an issue that needs to be urgently tackled by experts in the field. One way people are trying to counter these leaks is by utilising blockchain technology.
Blockchain is a buzzword that frequently appears in headlines concerning cyber security. The technology devised initially for Bitcoin is now used for several purposes, including strengthening cyber security. A blockchain is a decentralised and digitised public ledger. It is often used in cryptocurrency transactions across networks to reduce the risk of any alteration. Because of its transparent and dispersed nature, it is almost impossible to hack.
If this same impermeable technology is applied to data security applications, it may provide a solid foundation for cyber security. Blockchain technology would serve to eliminate the risk of human error, which is a common cause for cyber attacks. This lessens the possibility of success for cyber criminals as social engineering — or the process of manipulating individuals to disclose personal information to hack into systems — has been one of the most notorious methods of attack.
Before you choose to implement blockchain technology into your data security system, it is vital to understand whether or not it is suited for you. Financial advisor Oliver Rowe notes that, compared to traditional databases, using blockchain can help streamline information. In comparison, the latter is also safer because it uses a decentralised system, meaning it has no actual weak point.
On the other hand, people detract from adding this into their infrastructures because of its price. Incorporating a small minimum viable ecosystem can start costs at hundreds of thousands, making it a costly improvement. But many people see this as an investment for future operations.
As mentioned earlier, blockchain is typically used to receive, send, and retain encoded data safe from cyber attacks and breaches. In business, blockchain can make finding solutions easier, streamline tasks, and make collaboration using data smoother.
Blockchain isn't just used in the finance or business industries either. Tech writer James Gonzales notes that even the legal sector has adopted blockchain. Using this, they can make setting contracts more convenient, make record-keeping last longer, and make notarization affordable and accessible. Because the technology is so versatile, it is no wonder why more and more people are incorporating it into their usual operations.
When deciding to add blockchain technology into your security policy, it is important to think of all the facts that go into the process and whether or not these will affect operations. Consult with the rest of your team to know if they agree with your decision and see if they can adapt to the change.
Aside from this, it is important to always try to hire a worker who can offer you quality Data Protection services that will help secure all the information your company has. These professionals will be able to assess your current system and determine what other extra steps you can take to keep all your data safe. When transitioning to blockchain-based data operations, be sure to reach out to a reputable supplier to ensure the job is done correctly.
With blockchains encryption capabilities mixed with its multitude of safety benefits, it is no wonder why many people are turning to it to prevent cyberattacks. It seems that the future of cyber security may soon rely on technology.
Written exclusively for fifosys.com
By Jessica Emily
I’m sure you know yourself. You know your business. Of course you want to protect everything in it,
Technology is evolving quicker than most peoples’ ability to understand it; therefore it is increasi
You should now understand the difference between Privacy, Anonymity and Pseudonymity. which should l
What business owners consider to be valuable assets will vary from one business owner to another bu