Cybercrime is at a critical point with hacking scandals, DDoS attacks, Malware infections, and phishing attempts costing the global economy a whopping $450 billion per year.
You would think that with access to the most cutting-edge technologies, cybersecurity experts would have the upper hand in the matter but in reality, they are being faced with a multitude of problems such as:
In an industry that currently enjoys full employment, trying to find new talent for opening positions is a next-to-impossible feat.
As the demand for blockchain developers increases, so does the call for AI experts. Trained professionals capable of working with these evolving technologies are few and far between which means that amidst an increase in attacks, data breaches and high profile cryptocurrency hacks, cybersecurity professionals are vastly outnumbered.
According to Scott Schober, author of Hacked Again and CEO of BVS Systems, human error is the main problem that the cybersecurity industry faces today. He says:
“Humans are too trusting and time and again we go for convenience over security. We can use the latest blockchain or AI technology, but unless we improve our cyber hygiene, we’ll still be open to attack.”
Dwell times (how long a virus sits inside a network before it is detected) is another major problem facing the cybersecurity industry today. Currently, average dwell times hover at around the six-month mark which means that if viruses were detected earlier, or in real time, businesses would have the ability to react faster and take appropriate action swiftly.
Our current digital infrastructure uses a framework wherein native data is housed in a single database, making it vulnerable to third-party attacks. One small slip up, one wrong move and the hacker can create a chain of chaos that cannot be undone.
How Blockchain Technology Can Help
Blockchain technology can and is being proven useful in the fight against cybercrime. Thanks to its decentralized nature, there is no single point of failure— i.e. no one single place where all the data is waiting to be hacked.
It’s also tamper-proof since all blocks are linked to each other and attacks are much harder to coordinate. Blockchain can take human error out of the equation by removing the need for passwords. It can also work to bring down dwell times as its technology can detect suspicious behavior in real time.
When a hacker attempts to interfere with the information in a block, their code is recognized as false and excluded from the entire system.
And yes, blockchain can even help fill the cybersecurity talent gap. Here’s how:
Pooling Global Talent
Companies like Sentinel Protocol and Polyswarm are blockchain-backed intelligence platforms that aim to crack down on cybercrime. By encouraging participation from cyber professionals around the world, they gather expert contributions and use all the threat data collected to their advantage.
Instead of one professional, or a single team working on a problem, this is an effective way of pooling resources.
Thanks to their decentralized nature, these blockchain companies can reach experts across multiple geographies regardless of their background or education. In fact, they can even appeal to hackers themselves, incentivizing them for their work.
Sentinel is currently working with cryptocurrency exchanges by using real hacks, scams, and fraud information and making data available through an API.
Providing Hackers With Incentivizing
Bug Bounty programs reward hackers for finding faults in the system and are an effective way of engaging with the hacking community constructively.
Instead of causing problems and receiving criminal payouts, they can help strengthen the safety and security of the software as well as receive a healthy reward for their services.
Bug Bounty programs are so effective in fact that DASH uses one to encourage hackers to crack its system, paying up to $10,000 for a critical vulnerability.
Companies like Edge are taking advantage of the blockchain’s decentralized nature and spreading data over several places. This means that your data is more secure as it no longer relies on enterprise server security. It is immediately encrypted from the user’s device long before it reaches any server or network.
Cybercrime is a massive problem and set to rise dramatically, expected to cost the global economy close to $6 trillion by 2021. When faced with this terrifying panorama, cybersecurity professionals across the globe need to gather all the help they can get and deploy blockchain solutions to ensure a higher level of transparency and security within their organizational structures.
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