Strong cybersecurity is no longer a good business practice. It’s a must-have for all enterprises. Here are three ways in which Blockchain impacts the world of cybersecurity for good.
No business can afford a data breach today. But as technology grows exponentially, the risk of a cyber-attack increases manifold. Security incidents can occur anywhere, regardless the size and nature of the business. Recent data breaches at huge retail chains like Kmart and social media giants like Facebook have taught important cybersecurity lessons to businesses worldwide.
Maintaining the cybersecurity of an enterprise is an ongoing process and needs constant vigilance and software/technology upgrades. The emergence of Blockchain has proven to be the missing piece to the jigsaw puzzle of worldwide cybersecurity solutions. Although it initially emerged as the technology behind cryptocurrency, Blockchain is now being widely recognized by several other industries like retail, healthcare and Information Technology.
The mere fact that every Blockchain transaction is validated by a digital signature, and is transparent among the users sets the foundation for enhanced data security. Here are three ways Blockchain technology is revolutionizing the cybersecurity space for modern data-driven enterprises.
Enhanced data security
Blockchain, as its name suggests is a chain of digital ledgers, each called a block. Each block contains information of the activity carried out and is added to the chain. For a Blockchain transaction to be hacked or attacked, a cybercriminal would have to unblock the chain, which is difficult, almost impossible with the public or private digital signature attached to each block in the chain.
This feature offers businesses with enhanced data security across the enterprise. Use of Blockchain to carry out key business activities comprising of sensitive data such as processing credit card payments ensures that client data is well protected and highly secure.
Prevention of data manipulation
Alteration attacks are a major blow to the cybersecurity of an enterprise. When a hacker makes unauthorized modifications to data or a code, it affects the integrity of data, leading to significant misinterpretation. Employing a cryptographic technology reduces the risk of data manipulation significantly.
Blockchain transactions are decentralized and the information is shared via a peer-to-peer network, is updated across each connected system regularly. It requires massive computing ability and makes it difficult for hackers to modify or alter transaction data, since it cannot be changed on a single computer preventing data manipulation to a great extent.
Detection of fraud
The recent Facebook-Cambridge Analytica breach that came to light in March 2018 was a gradual process that started in 2013 with a small online quiz. It was only addressed when it became huge and obvious, with sensitive data of about 50 million people being misused. One of the biggest setbacks of traditional cybersecurity systems is the lack of visibility of data as it is treated across the enterprise, and the ability to notice malicious activity right in the beginning.
Blockchain offers transparency in transactions and enhanced visibility of data through the chain. Each block is shared with a network of computers which verify and validate a transaction using a digital signature. Since every block is inter-connected, it also enables complete visibility of a transaction right from the first block. A suspicious activity of any kind can be immediately noticed and brought to notice. That way, Blockchain allows businesses to detect and prevent fraud right from the point where it starts budding.
In today’s dynamic landscape, technology rules businesses. As technology grows, data grows too; and it eventually increases the vulnerability of an enterprise to cybercrime. Blockchain and cybersecurity are a match made in heaven. Implementing Blockchain as a part of your cybersecurity strategy can improve your ability to fight back cybercrime effectively and ensure greater data privacy across the enterprise.