When you hear the term blockchain technology, one of the last things that comes to mind is probably cybersecurity. Instead, they envision the wild world of cryptocurrency, complete with all of the hype and speculation surrounding Bitcoin, Ethereum, and one of the thousands of altcoins.
However, blockchain technology has a wide range of real-world applications, some of which are revolutionizing (and disrupting) major industries worldwide. One such industry is cyber security and data protection, and it’s safe to say that new innovations in this field couldn’t come at a better time.
As COVID-19 increased the prevalence of remote working, it unintentionally provided more entry points for cyber attacks, and as a result, we are now facing more cybercrime and data breaches than ever before.
With one new attack every 39 seconds, the cumulative cost of these hacks is estimated to be around $6 trillion by the end of 2021, which is far too large to ignore.
In this interview, we talk with Yotam Dor, CEO of Blackcomb and a fintech and blockchain expert, about the current state of cybersecurity and how blockchain technology can help protect us from future cyberattacks.
What is the reason for the recent increase in cyberattacks and online hacking activity?
Not only has cybercrime grown in sophistication in recent years, but there are now more people online than ever before. Millions of people now work from home, communicate online, and rely on technology and digital services to meet many of their daily needs.
Combine this with the uncertainty and disruption of a global pandemic, and you have the makings of a perfect storm for cybercrime to erupt.
As a result, the threats to individuals, businesses, organizations, and governments have never been greater, which is why we must take every possible step to educate, inform, and protect ourselves. However, even prior to the pandemic, cybercrime was growing at an exponential rate.
As a result, regardless of how the pandemic is resolved, cybersecurity must become a more prominent topic of discussion and be taken more seriously.
Who is the most vulnerable to cyberattacks?
Everyone who uses the internet must be cautious at all times because, in reality, everyone is a potential target. To keep yourself safe, always use a VPN when browsing the web, especially when connecting to public WiFi hotspots like coffee shops or co-working spaces.
However, the risk of cyberattacks on businesses is typically much higher. They frequently store large amounts of sensitive data and can be forced to pay large sums of money as a result of ransomware attacks.
Unfortunately, small to medium-sized businesses are often prime targets for cyber attacks because they lack the resources to invest in cybersecurity, making them an easy target.
What role can blockchain play in facilitating a secure digital infrastructure?
Blockchain currently offers a wide range of applications in the cybersecurity industry, the majority of which are proving to be extremely beneficial.
For those who have only heard of blockchain in the context of cryptocurrencies, it is a Distributed Ledger Technology (DLT) that focuses on building trust in an untrustworthy ecosystem, making it a potentially powerful cybersecurity technology.
Despite the fact that the ledger system is decentralized, the information is transparently accessible to members of the relevant blockchain. Any encrypted transactional data on the blockchain can be recorded, passed along, and viewed by all members (or nodes).
As a result, blockchain fosters trust while also ensuring data integrity. In essence, the distributed structure of blockchain prevents any “hackable” entry or point of failure from exposing entire datasets.
Furthermore, blockchain’s public record-keeping mechanism provides each node with real-time visibility into any data alteration, quickly revealing potential cybercrime efforts.
Finally, what are your predictions for blockchain’s future applications in the cybersecurity industry?
I believe that if blockchain is used effectively, it will be adopted in even more industries in the future, as its integrity assurance is used to develop cybersecurity solutions for a variety of other technologies.
Many of the world’s largest social media companies, for example, are expected to begin using blockchain technology to secure user data as a better alternative to the end-to-end encryption they currently employ.
Furthermore, as smart homes become more popular, I expect blockchain to play an important role in IoT security, especially given that many of these IoT devices have relatively poor security features.
Hackers are currently targeting smart home systems as easy entry points. This means that if you install them in your home without taking the necessary precautions, they could compromise all of the data on your home network if they manage to get past the security.
To address this, blockchain can be used to decentralize the administration of such large networks or devices. This method entails giving each device the ability to make security decisions on its own.
Thus, IoT devices become more secure by recognizing and acting on suspicious commands from unknown networks without relying on a central admin or authority. That’s just the tip of the iceberg.
Blockchain has a wide range of potential applications, from DNS and DDoS attack mitigation to data transmission security and storage decentralization. It is now simply a matter of further developing these tools and bringing them into the mainstream.