The escalating cyber attacks have been adding cost to the companies and amidst the pandemic, cyber attack quagmire stormed the businesses. Approximately $4.2 billion was lost as a result of cybercrime in 2020, as per the FBI's annual Internet Crime Report. Fraud, extortion, and non-payment scams were three of the top types of cybercrimes.
The 2021 year saw some unexpected surging of online and e-commerce businesses. And people were unprepared for the cyber threats, but they came in to instable the reputation of businesses. That’s where the blockchain-based solutions fit in. Blockchain is a versatile platform and blockchain software development initiatives can be induced into every business sector from healthcare to agriculture and education
Blockchain and Cybersecurity!
Cybercriminals are sniffing for a loophole to attack and since their inception, they are becoming complex. They are increasingly digging into the attempt of making enterprises and organizations vulnerable to data theft. Cybercriminals are actively attempting to steal sensitive data that is meant to be the lifeblood of organizations. Financial institutions, healthcare sectors are more likely to be at the stake of being robbed by cybercriminals. This can wreak havoc on the enterprises and can adversely make them devastated.
Cybercriminals are resorting towards the disruption of organizational operations via DDoS attacks, and they have been immensely disturbing the personally identifiable information (PII). They have opted for some different cyber-attack techniques, like monetizing data access via the utilization of advanced ransomware techniques.
Blockchain technology can be a life savior for your business to rescue it from cyberattacks, a blockchain is basically a decentralized, digitized, distributed public ledger technology, that works on a data-centric approach and peer-to-peer network.
Cyber-Defense with Blockchain!
Blockchain potentially enhances cyber defense, with the inherent features of data tampering detection, encryption, transparency, operational resilience, and immutability. Blockchain assures to resolve the lack of trust problem at a very basic level. Instead of storing all information in a few very large databases, Blockchain functions as a distributed database where information is used by both private and public applications. For every valid transaction batch, data is stored in its own block. Each block is linked to the block before it and grows continuously as new blocks of information are added. Blockchain is a hack-proof platform because of its distributed innate nature. It provides more security in contrast to the database-driven transactional structures.
The Fundamentals of Blockchain in Cybersecurity
Blockchain technology relies on decentralization, consensus mechanism, cryptography that ensures the transparency of transactions. The data is basically stored in blocks, each block is linked to the previous and the descendent blocks. This interlinking prevents the possibility of modifying or altering data; all the transactions are validated by the majority of the users through a consensus mechanism. Blockchain Solutions are unbreakable and crucial for your business and always lookout for an effective blockchain development company. Blockchain services by Developers Studio correctly infuse the implementation of a reliable secure solution to your business’s processes, that mitigates the potential security risks.
Top Blockchain Applications in Cybersecurity
The blockchain entails the consensus mechanism and cryptography, the data-driven approach unveils the blockchain’s potential. to be implemented as a cybersecurity tool. Here are key potential blockchain use cases for cybersecurity;
Internet of Things Security
The internet of things revolution has been surrounding the world for so long. Hackers are increasingly exploiting the company's systems as a result of the widespread adoption of IoT devices. Blockchain can help protect data because of its decentralized system infrastructure. With decentralization, devices are no longer dependent on central administrators or authorities for security decisions. In such a case, the node will be shut down as soon as erroneous or suspicious activity is detected.
Data Storage and Breach Identification Solution
Businesses collect sensitive information, and the majority of them store data in one place, which can put an organization at stake. Cybercriminals watchdog the vulnerability of the system, if a loophole or vulnerability is inspected in the security system, cybercriminals attack the businesses and customer’s sensitive financial information. Blockchain provides decentralized storage which secures confidential digital information and assets. Consequently, blockchain makes it challenging and impossible for hackers to access the data. Blockchain is a transparent, immutable system and it acts as an intrusion detection system, when hackers sneak peek into the system, once the hackers try to get into the system or try to tamper the information. Blockchain makes it easier to detect whether the system is plagued with the tampering of data or not.
Secure Data Transfer
Data is accessed by malicious actors as it is being transmitted for modification or erasure. Thus, this creates insecure data transfers and ineffective channels of communication, such as email.
Data in transit can be prevented from being accessed by malicious actors, a big thanks to blockchain technology. Applications using blockchain's encryption, data integrity can never be compromised because it blocks unauthorized access.
Mitigating denial-of-service attacks
Cybercriminals use DDoS (denial-of-service) attacks to shut down resource systems, attacking IoT devices such as webcams or routers. Using blockchain, connected devices can be protected from attacks and can be used to make the devices more secure. Blockchain solutions protect the system from DDoS attacks because of its distributed nature.
The encryption and decentralization feature strengthens the information security and it expunges a single target point that can be compromised.