Blockchain’s inherently decentralized nature makes it the perfect technology for cybersecurity. The ledger technology has virtually endless uses in everything from medical and financial data sharing to anti-money laundering monitoring and encrypted messaging platforms.
Blockchain, a Distributed Ledger Technology (DLT), is focused on creating trust in an untrusting ecosystem, making it a potentially strong cybersecurity technology.
The ledger system is decentralized, but information is transparently available to members of the specific blockchain. All members (or nodes) can record, pass along and view any transactional data that is encrypted onto their blockchain.
This process creates trust while also maintaining a high level of data integrity. In essence, the distributed nature of blockchain provides no “hackable” entrance or point of failure that detrimentally exposes entire datasets.
· Bitcoin involved in many Billion of Illegal Activities
Unlike other currencies, Bitcoin offers a fantastic form of quick transactions with anonymity and safety. The cryptocurrency is unregularised by legacy government currency rates. This has quickly transformed it into the most preferred mode of anonymous operation in illegal activities like the cyber crime and drug trade.
· Ransomware Attack Every 14 Seconds:
It is estimated that after every 14 seconds, an individual or company falls prey to a ransomware attack. This is according to the 2019 Official Annual Cybercrime Report (ACR) that also indicated that most of these attacks go unreported.
· Small Businesses are the primary targets of Cyber-attacks:
Most small businesses consider themselves 'unlikely' to suffer from cyber-attacks. According to reports by Cybint, two-thirds of companies have experienced attacks such as social engineering incidents, phishing, and DDoS attacks in the last three years. Small businesses continue being the smallest investors in cybersecurity despite making up 13% of the cybercrime market.
· Cyber threat Costs:
As per the Security Intelligence Report, the average cost of a cyber-attack data breach as of 2019 was $3.92 million. On the contrary, the cost of hacking is almost insignificant, with cyber-attack tools now available on the Dark Web for as low as one dollar, with other complementary services being offered for free. It becomes more alarming that it takes an average of 5 minutes to hack an IoT device.