How can we use Blockchain to our advantage with Cybersecurity?

Cybersecurity is forever developing in our technology-driven world. Unfortunately, the more we progress in our I.T spaces, cybersecurity attackers mirror our progression. The Sydney Morning Herald estimates the total cost of over 1 billion AUD every year in damages due to online crimes, and our government considers blockchain to be the solution to these reoccurring issues.

Blockchain developers are also using the technology to build software, virtual communities and even operating systems. Not only will this in turn improve the cryptocurrency use of the software, but also make it a great use of cybersecurity for SMB’s and large enterprises of all industries. This sparks relevant interest for Australian Businesses as Blockchain technology offers an evolving, contemporary approach to system designs which could potentially put an end to most cyber-related threats and attacks.

Dominic Powell of the Smart Company predicts on average, SMB’s pay 4677 AUD to free their data from ransomware attacks and only 33% of SMB’s continuously back up their data systems.

Blockchain Technology is designed to be incorruptible as the technology doesn’t require a specific home base, it’s impossible for hackers to have a direct target. Not only does this make an obvious pairing for big corporations, it’s also essential for small businesses which are particularly vulnerable to cybersecurity breaches. Emmanuel Marshall from Mail Guard reveals as of 2018, 60% of smaller businesses have fallen target to cyber-attacks - all which could have been prevented with the use of Blockchain technology.

Statistics show on average an employee will receive 121 emails per day and will send a minimum of 40 emails – of this data 44.6% is spam. In an office setting, the yo-yoing effect of private information being bounced back and forth can easily be thrown out of bounds into a phishing scam placing businesses and companies at risk.

How exactly could Blockchain help businesses eliminate emails or phishing scams?

Cybercriminals are notorious for sending a ransomware attack to an employee or using a WannaCry attack to overrun a machine and demand Bitcoin, the cybercriminals then have the lengthy process of having to successfully hack into each device that the company possesses.

If Blockchain was used as the main line of defence against cybercriminals, in the event of a successful breach an immediate lock out of the system occurs - with no other information, records or money able to be stolen due to the impenetrable nature of blockchain, leaving the cybercriminal empty handed. This is especially beneficial to the financial industry due to ransomware being a large concern.

If Blockchain technology is so valuable for Cybersecurity, why don't companies switch to it?

With the introduction of Blockchain originally created as cryptocurrency for businesses, and the reframing introduction as cybersecurity solution by Blockchain Technology developers there is understandably some stigma still connected to Blockchain.

In the technology world, it’s crucial to adapt before cybercriminals do and have a good grasp on emerging technologies that can influence the operation of businesses worldwide. It’s essential that we continue developing this technology to the best of our understanding and limits, rather than letting it be a one function use. An estimated 69% of businesses in Australia have stated that they still struggle with secure private, while 45% of businesses are encountering securing customer details while trying to improve the digital space stated by Security Brief Australia.

It’s essential all businesses work together to achieve the best possible results, as even the world’s largest companies cannot win the war with cyber crimes alone. Despite blockchain still being considered the new kid on the block, we highlight that the technology is far more effective than any of the current cybersecurity measures used and is a starred favourite in winning the security race.