How to Use Blockchain for Cybersecurity?
The expenses on cybersecurity have grown significantly in the recent ten years. Furthermore, the trend will probably continue. In 2020, the cybersecurity market exceeded 170 million dollars. Expectedly, by 2027 it will grow to 400 billion. However, despite the tremendous investment, losses caused by cybercrime in 2020 were 1 trillion dollars (1% of global GDP), and by 2025 it might reach $6 trillion.
Blockchain is probably the single technology that can limit the harm of cybercrime since blockchain offers a better data map, more robust authentication, and protected edge computing. Below you will find several ways to employ blockchain for cybersecurity.
The malefactors learned to hide their aggressive software and ransom application, and the problem worsened. The ban on downloading suspicious and unknown programs/extensions partially saved the situation. Still, hackers have become so sophisticated that another measure is needed to isolate our computers and smartphones from malicious software.
Blockchain technology can become the right solution since it allows writing unique hashes for downloads and updates in a secure database that is barely impossible to hack or change. This allows the users to compare the hash of the file they download with the developer’s hash to reduce the threat of infecting their operating systems with secret malicious software.
Furthermore, this type of attack is likewise bulling. DDoS targets are high-class organizations like film studios, banks, government agencies, etc. The malefactors start the attack to show their mightiness and laugh over the whole thing. ISIS is the real-world equivalent for these hackers.
Moreover, software for DDoS attacks keeps developing. For example, Hide and Seek can continue the attack even after rebooting the system, which means it will restart the system crash again.
Not only that, but these attacks have become more frequent. More precisely, the number of DDoS attacks in recent years grew three-fold. Along with Internet of things development, DDoS has become even more efficient since it affects several connected networks.
Yet, there is hope. Several startups claimed they’d developed a reliable DDoS attack protection mechanism on blockchain-based distributed networks. Moreover, the tool connects businesses and individuals to the DDoS protection service and helps lease available bandwidth to support the overloaded networks. As a result, the network is less vulnerable to DDoS attacks.
Here is the company that works on solving this problem:
The weakness of passwords is that:
According to Ponemon Institute, about 55% of regular users and IT professionals would like to use an alternative protection method for their accounts. They require a more straightforward yet secure solution.
Blockchain authentication can become the alternative solution people need. Some projects allow creating an account in their system and then using that access key for other systems and software. The process is similar to using Facebook and Google accounts for Spotify or Netflix log-in.
Despite Facebook or Google, blockchain doesn’t require passwords since it employs private keys, multistep authentication, and biometrical data to verify a user’s identity. These systems are secure and much less challenging to use.
The companies working on these solutions are:
The more intelligent devices you have, the easier it is for the hackers to breach your security since they can choose the target, and most of their targets will not have cyber threat protection. It’s not just a prediction, and it will definitely happen Senrio security company showed the case of breaching an apartment or office by connecting to a smartphone or security camera network. Furthermore, the privacy of your network doesn’t matter since the hacker can use an average drone to access your local network.
Anyway, do not despair since you can protect your smart devices if you employ a blockchain-based system. It is impossible to hack since it will require hacking 50% +1 devices within the system to get control over it. Furthermore, blockchain perfectly does the job it requires verifying inauthentic or potentially harmful commands and input data, which are the most significant gaps in the security system of intelligent gadgets.
The companies that try to solve this issue are:
According to Neustar International Security Council research from September 2021, 72% of research participants claim that in the recent 12 months, they suffered from DNS attacks. Typically these are:
The projects working on solving this issue are:
Storing these data in a centralized database is, put mildly, not secure. Yet, neither businesses nor users understand why there is news that a company’s database was hacked each week. Furthermore, if you are unlucky, you will receive an email that your account was hacked and your data could be stolen.
The number and scale of data leaks are tremendous, and there is a logical question: why these companies do not try another storage method? Why Facebook, Equifax, LinkedIn, eBay, MyFitnessPal, or even Brazzers (all were hacked, and user’s data was stolen) do not care about clients’ data. Do they like the decline in consumer confidence due to their complicity in compromising their customers' confidential data?
If they employed blockchain for decentralized data storage or at least decentralized authentication, the quantity and scale of data leaks would reduce. The advantage of blockchain is that instead of a single door protecting the entrance to the storage, it has numerous users’ doors that make decentralized storage significantly more secure.
The projects trying to solve this issue:
An excellent example of this hack is an employee that enters the company server through his unprotected mobile phone. In this case, it is a piece of cake for the hacker to breach the entire network.
How to protect yourself from it? We must ensure that devices and the underlying network are isolated with multistep authentication processes and decentralized blockchain-based protocols.
Projects attempting to solve this problem:
The blockchain typically employs public and private key models and multi-signature authentication. As a result, users have crypto keys instead of passwords. This is a more secure way to access accounts, websites, and applications. Also, it will significantly drop the number of hacks by providing better protection to valuable private user data.
Projects attempting to solve this problem:
The ability to prove where a device was manufactured is one of the essential benefits of blockchain-based logistics platforms, as they can provide immutable records of manufacturing history (individual parts and their assembly into a finished product), transportation, and packaging.
False positives cause headaches for customers and additional costs for companies. According to one study, false alarms cost businesses about $1.3 million yearly and more than 21,000 hours of lost time. And these false positives are mainly due to outdated algorithms and security measures, which hackers often use for illicit, mercantile purposes.
Blockchain can significantly reduce this problem, as data passed (filtered) through a decentralized blockchain network tends to be more trustworthy because the security of multiple nodes provides better verification and prevention of unauthorized access than in centralized, single-source networks.