Thanks to the huge surge in popularity of Bitcoin, blockchain technology has found its way into a broad range of sectors, including banking, healthcare, and even U.S. homeland security. Blockchain has by far made the biggest impact on how we approach cybersecurity, but is it the be-all, end-all of cybersecurity solutions?

Blockchain technology’s largest success is in eliminating human error, which is responsible for the majority of data breaches. As a decentralized ledger system for data transactions across a global network, blockchain technology is regulated by an entire network of mutually anonymous participants, not a central authority, therefore protecting data from tampering, intentional or otherwise. It can be used to protect against any type of data breach, cyber-attack, identity theft, or foul-play transaction. Most importantly, it can transfer any data or digital asset, making it so flexible it can benefit any industry.

When it comes to its efficacy as an approach to cybersecurity, Bitcoin provides an excellent case study: although it experiences fluctuations in value, Bitcoin has withstood cyber-attacks for nearly ten years. By removing the risk of a single point of failure and leveraging a decentralized infrastructure, blockchain technology is the biggest revolution in cybersecurity of our time.

With that said, blockchain may not be the ultimate solution for everyone. Although theoretically this technology could be implemented in any industry, individual companies are unlikely to be able to adopt it for several reasons. First, it is challenging and time-consuming to incorporate into supply chain systems. Second, it may require an entire upheaval of current systems and infrastructure. And third, running blockchain technology needs substantial computing power, which gives it a high operation cost that many businesses may not be able to afford or may not see as a good return on investment.

There is no one-size-fits-all cybersecurity solution. To create a digital secure infrastructure that makes sense for your business, contact the experts at INFRASI to request a consultation.

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1. Cybercrime is the fastest growing branch of crime

Long gone are the bank heists of Hollywood films; cybercrime is easier, safer, and more profitable for criminals. Cybercrime usually has one of two goals: the first is to make money, and the second is to make a political or social statement through “hacktivism.” Either type has serious consequences for businesses of all sizes, and by 2021, global cybercrime damages are expected to cost over $6 trillion annually, up from $3 trillion in 2015.

2. Cryptomining is on the rise

Ransomware was the major cyberattack in 2017, but this year cryptomining has taken predominance as the most common type of attack. Cybercriminals use malware to hijack a victim’s CPU’s power to mine cryptocurrency. Approximately 42% of companies globally were hit with a cryptomining attack between January and September 2018. Unlike ransomware, cryptomining is discrete and may go unnoticed for months or longer.

3. Phishing is just as common as ever

Despite increased awareness of phishing, targeted phishing emails are still the most prolific cyber scam and frequently trick victims into giving up sensitive information. Phishing emails will typically use the name of a well-known and trusted brands such as Microsoft, Amazon, or Bank of America. Using Domain-based Message Authentication and Conformance (DAMRC) can help brands protect their customers and authenticity.

4. AI is a double-edged sword

Many technology vendors have begun incorporating artificial intelligence and machine learning to more quickly and efficiently target and prevent security breaches. However, AI could potentially pose a new security threat through “AI poisoning,” which teaches the AI to either identify its own network as a threat or overlook certain types of breaches.

5. Accuracy is the priority

For companies looking for protection from cyber attacks, there is no one-size-fits-all for cybersecurity. Accuracy is a key factor here, since an overprotective security solution may needlessly hinder internal activities. To adequately address the complexity of a cyber threats with pinpoint accuracy, an experienced team of professionals like INFRASI can help you establish a digital security solution that’s right for your business.

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