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Blockchain Cybersecurity: Businesses Can No Longer Ignore a Solution

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cybersecurity blockchain

A few keystrokes are all it takes for a cybersecurity attack.

All of a sudden, your most private information is in the hands of criminals.

Your most personal information, banking details, social security numbers, your children’s information… all at risk.

What’s terrifying is that our own government didn’t prepare for this threat — at all.

Our digital over-dependence means that our risk is greater than ever before with new attacks surfacing all the time.  The latest one attacks your cellphone to mine cryptocurrencies.

And just in case you think hackers can’t reach you behind your locked, alarmed doors, they’re already inside your home computer.

If you think it can’t happen to you, wake up.  

Criminals have already breached your cybersecurity, as users recently learned the hard way from Facebook.

It is costing U.S. businesses billions of dollars. Criminals are exposing consumers’ most private data for the world to see.  Credit cards, social security numbers, bank account information, even your child’s information are in the hands of strangers.

Arguably, the threat is very real and expensive to fight.

Experts expect damages related to cyber crimes to hit $6 trillion a year by 2021, according to Cybersecurity Ventures.

Unfortunately, despite the scale and potential harm of such attacks, many companies and government agencies don’t prepare for security breaches.

In fact, according to a survey of 600 corporate boards by the National Association of Corporate Directors, only 19% of them understand the cybersecurity risks.

Up to 75% of all U.S. companies don’t have adequate security protocols in place.  Up to 65% do not devote any time or resources to strengthen their cybersecurity.

Making it worse, Microsoft predicts that by 2020 data volumes online will be 50 times greater than what they are today. Businesses produce approximately 111 billion lines of new software code each year, according to Cybersecurity Ventures. This presents billions of potential vulnerabilities for hackers to exploit.

The potential for issues relating to cybersecurity is there… and it’s bad.

Cybersecurity and the Blockchain Solution 

Blockchain technology is seen as particularly useful in improving both user privacy and cybersecurity. With data in in centralized databases, it makes it susceptible to mass data breaches.

However, according The Next Web, “Decentralizing databases can safeguard against mass data breaches as there is no more a single point of failure that a hacker can target.”

According to Forbes, “Typically, once data is stored on the blockchain it cannot be manipulated or changed – it is immutable. This is because of the architectural nature of blockchain structures where every block has a specific summary of the previous block in the form of a secure hash value.  Since these blocks are structured in the form of a ‘chain’ sequence, the timing, order and content of transactions cannot be manipulated.”

 

 

 

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