The rise of cryptocurrencies and associated technologies like blockchain continue to disrupt businesses in multiple industry sectors. While many technology organizations worry about the security of blockchain, others feel it helps protect businesses. Still, as with any still maturing IT innovation, new blockchain opportunities abound for SecOps companies and professionals.
The bottom line is simple. Companies continue to invest billions in new systems based on blockchain technology. Notably, the amount of those investments is increasing in an exponential fashion. So let’s take a closer look at blockchain and its influence on the world of cybersecurity.
Blockchain Offers Some Measure of Cyber Protection
Blockchain’s function as a digital ledger provides a measure of protection from cybercriminals in specific areas. Ed Powers, Deloitte’s U.S. Cyber Risk Lead, commented the use of blockchain in SecOps. “While still nascent, there is promising innovation in blockchain towards helping enterprises tackle immutable Cyber Risk challenges such as digital identities and maintaining data integrity,” said Powers. This functionality is one reason businesses in finance and securities trading are investing in blockchain applications.
Still, Deloitte feels the technology itself offers no substitute for strong cybersecurity practices and procedures. In fact, they recommend any new blockchain projects include typical SecOps controls protecting the system, data, and network infrastructure. Nevertheless, synergies exist between blockchain and cybersecurity especially when it comes to digital identification.
How Does Blockchain Help Cybersecurity?
As a digital ledger with tight controls on access, blockchain tracks every change made to itself. This tracking includes the digital ID of any entity making a change as well as the timestamp. The underlying data describing each change is immutable. This tracking data also helps cybersecurity analysts determine the nature of any cyberattack.
Additionally, the distributed nature of a blockchain means multiple copies of the data are stored in different locations. If one data copy becomes corrupted, simply restore any of the other copies to the corrupted database. This blockchain feature helps achieve data integrity as well as becoming critical during disaster recovery scenarios.
The strong digital identification aspects of blockchain also provide some protection against identity theft. The digital blockchain process requires computer control of any access authentication; helping keep cybercriminals out. Ultimately, the use of blockchain technology enhances the protection of data and associated systems, especially in the financial sector.
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