It can be harder to keep your data and assets safe from hackers and cyberattacks with advances in technology. Today, we look at one of the most prominent safeguards we have against cyberattacks, blockchain.
Evolving Tech, Evolving Cyber Threats
With evolving technology, the ability of hackers and cyber attackers to infiltrate security systems increases. With newer tech like 5G internet networks and the spread of smart gadgets and smart lifestyles, more of our everyday lives are connected to the internet of things, but more aspects are also at risk of being attacked. While we may benefit from these advances, it allows hackers to launch cyberattacks that are faster and wider-reaching than previous attempts.
The internet of things has gone way beyond computers, phones, or traditional gadgets and tech. You can now find smart refrigerators, home security systems, helmets and watches, and even furniture. A big enough cyber attack can now potentially do a lot more damage than simply stealing a few files from a computer. With cyber threats evolving so far, adequate security steps need to be taken to counter any attempts; otherwise, organizations and individuals alike will be at the mercy of hackers everywhere.
Increasing Threats to Cyber Security
Let’s take a look at some of the more prominent examples of modern-day security risks. One of the most worrying statistics for companies and individuals alike is the rate at which ransomware attacks are occurring. Current estimates put ransomware attacks at around 4000 a day, a number that has been steady since 2016.
The average amount of money extorted through ransomware attacks has gone up as well. Where the average amount of money requested by hackers using ransomware used to be 5,000 dollars in 2018, it rose to 200,000 dollars in 2020. As vulnerability to ransomware increases, the potential damage they can do increases.
Another notable factor is the shift in the sort of targets hackers, and cyberattacks now aim for. While previously they would try and attack larger organizations, it’s now easier for hackers to aim for larger numbers of small businesses and individuals instead, as they’re less likely to have stronger security systems in place.
Other than ransomware and specific cyberattacks, the spread of bitcoin and other cryptocurrencies has made it a lot more difficult to track illegal online activities. While these online crimes don’t always affect individuals or organizations, they’re more concerning for law enforcement agencies or governments. Without a way to see where these online payments are going, cybercrimes can continue without law enforcement agencies tracking the associated paper trails.
While blockchain technology is not a fix-all, it can be used as a nearly foolproof way to improve cybersecurity and keep information secure online. When used correctly, it can be helpful to individuals, corporations of varying sizes, and even the government. Let’s take a look at a few of the uses of blockchain in improving cyber security.
Security for the Internet of Things
While your smart thermostat or sports gear may not be of much use to launch a fully-fledged cyberattack on, it can be very helpful to give hackers an edge into your online infrastructure. While your gadgets and devices may have more security features, using something on the edge of your Internet of Things ecosystem can grant them access to the rest of your files and connections.
Blockchain can decentralize the devices connected to the Internet of Things. Without all the devices on the same block, it can be harder or even impossible for hackers to jump from an edge device to your main ones through an online connection. This helps keep hackers away from central admin control of your devices, where they could previously hack entire systems from edge devices; it’s now nearly impossible to make that jump.
Improved Data Security
On the business and government side of things, keeping data and documents secure is extremely important. Most organizations will keep their data in a singular physical space. Much like the above example of edge devices, a centralized space to keep data is akin to keeping all your eggs in the same basket. If a hacker successfully gets through, they have access to just about everything.
Blockchain can help you decentralize the data storage and moves your data away from a physical space. With blockchain exchange technology, it’s nearly impossible to alter old files or remove them from their storage spaces unless you have access to them.
With the current online space, the importance of blockchain and its services cannot be understated. While we will all benefit from improvements in AI, the Internet of Things, and faster online connections, blockchain can help us prevent the damage done using the same technology. An expert on the matter who you can reach out to is Bertram Hill.
Get in touch with Bertram Hill, Moriah Group, LLC by clicking on the link below:
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