Data breaches are costing the world $450 billion a year. They are compromising elections, municipal works, and even security firms themselves. Clearly, we need new answers to a rapidly evolving problem. Enter blockchain cyber defense.
Let’s look at the major security threats right now, and the ways in which distributed ledger technology will provide solutions.
Ransomware Runs Rampant
Ransomware has ascended into a billion-dollar crime sector, with thousands of daily attacks. It has wreaked havoc on civilian and military targets in scores of countries.
In March 2018, it disabled the computers of some 8,000 Atlanta employees. For days running, court cases hung in limbo and police officers took reports with pen and paper, helpless against cybercriminals who demanded $51,000 in bitcoin.
It’s even getting into Android and iOS smartphones. And the cloud is hardly immune. As companies compete for store data, they inevitably also put billions of email accounts and customer records at risk.
After a major hack, a new group of criminals may show up on the scene, sending mass emails that ask for personal information. Customers who are already on edge because their accounts may have been hacked are especially likely to fall into the follow-up trap.
Governments and companies are spending megabucks, always running one step behind the ploys these criminals concoct.
Smart Things Outsmarted
From traffic safety to home and garden controls, devices are “smart” and connected. If hacked, the ensuing snafu can suddenly assume networked proportions.
Bad actors can do everything—from siphoning your computer’s electricity to ravaging a transportation infrastructure.
This year, countries are planning to develop coordinated responses. To shield themselves from private or state-based assaults, they are working on threats from various angles, including computer power and military force.
Already, ransom attackers are causing major city and county cybersecurity breaches, with one in four local governments dealing with hourly hack attempts. It’s no stretch to image the chaos of entire nations being held hostage. Cybercrime has already compromised infrastructure systems in 70-plus countries, using ripped-off software from the U.S. National Security Agency.
Blockchain and Cybersecurity
We’re on the verge of an era of blockchain-verified identification. Inevitably, governments will begin implementing blockchain as a prophylactic against cybercrime.
In the corporate world, blockchain’s striking aptitude for fraud-proof transactions is the main reason businesses want blockchain. Today’s password-protected systems frequently break down under phishing and cracking. If organizations implement blockchain cyberdefense, this stops. Organizations will instead use SSL authentication to verify users.
No more hub of data to infiltrate, no one entry point for hacks. No more staff errors that open up the system. Should anyone meddle with the blockchain, the whole system gets notified, and—in real time—the altered data block is detected and removed. The digital signature on the false transaction is cryptographically linked to, and exposes, the culprit. This is the potential of public ledger technology.
Contact Renovatio PR. Become involved in blockchain technology as it establishes the first authentically secure environment for the world’s transactions.