Cybersecurity refers to the protection of networks and
systems from
cyberattacks that aim to gain, modify, or destroy sensitive information or extort money. It is
becoming increasingly
important to strengthen security measures to protect digital transactions and data. Cyberattacks
can use various
malware, such as rootkits, Trojans, and viruses. Phishing, Man-in-the-middle (MITM), Distributed
Denial of Service
(DDoS), SQL injection, and Ransomware attacks are all common cyberattacks.
Our many accounts are spread across the internet and protected only with weak passwords, and
there are many real-life application examples. These
include bank accounts, passport
information, social security numbers, birth records, and health records. Security protocols have
fallen apart in the
information age explosion that has seen online data become more accessible than ever. This can
lead to our most
sensitive information being exposed to criminals. It is now more important than ever to find a
trustworthy
cybersecurity protocol.
All industries are embracing new technology that promises improved online safety. Blockchain for cybersecurity is the leader.
Here are some key cybersecurity features:
1. Cryptographic checksums.
2. Data correction codes and data backup.
3. Evaluate the risks and threats.
4. Understanding Malicious Software.
5. Control of access.
6. Authentication
7. Encryption
8. Firewalls are implemented and use Intrusion Detection and Prevention Systems (IPS) and IDS.
What is blockchain?
A blockchain is an open, decentralized digital ledger that records transactions as blocks.
Because of its
immutability property and limited access to authorized members, this ledger allows transparent
storage.
The Key Features of Blockchain:
1. Distributed ledger technology
2. Immutable records
3. Decentralized consensus mechanisms
4. Smart contracts
5. Cryptographic key pair
6. Management of access and identity
7. Enhanced security
8. peer-to-peer network
9. Transparency and traceability in transactions also means there is no need to involve trusted
third parties or central
authority.
Blockchain Applications in Cybersecurity
Security of IoT devices and systems: The increasing use of AI has raised security concerns.
Device-to-device
encryption can be used to improve security, using device-to-device encryption to protect
communication, key
management techniques, and authentication. This is one potential use case for cybersecurity in
the IoT.
To verify the integrity of software downloaded: Blockchain in
cybersecurity can
be used to verify installers and updates to protect against malicious software infecting
devices. The blockchain
stores hashes and can be used to compare new software identities to verify that the downloads
are legitimate.
Data transmission protection: The encryption technology will protect data during transit from
unauthorized access.
Blockchain-based storage solutions allow for the decentralized storage and protection of digital
information, despite
the ever-increasing amount of data being generated.
DDoS attacks are a popular cyberattack that targets the Internet to disrupt services and generate
an excessive amount
of traffic. These attacks can be mitigated by the blockchain's immutability and cryptographic
properties.
DNS security: The Domain Name System (DNS) is similar to a public directory that links domain
names with their IP
addresses. Hackers have attempted to hack into the DNS, crashing websites and exploiting these
links over time. The
DNS can be stored with increased security due to the blockchain's immutability and decentralized
system.
Blockchain technology and cybersecurity
The CIA triad model is used in cybersecurity to evaluate the security model of an organization.
The triad is made up
of
1. Confidentiality
2. Integrity
3. Available
The blockchain allows us to ensure that all of these policies are met:
Confidentiality: is the ability to restrict access to data
only to authorised
and interested parties. The full encryption of blockchain solution data means that it will be
inaccessible to
untrusted parties even though it flows through untrusted networks. Access controls and security
measures should be
implemented at the application level to protect the network from attacks. Blockchain provides
advanced security
controls through the use of public key infrastructure to authenticate and encrypt communication.
Backup storage of
private keys in secondary storage is a risky option. This can be prevented by using key
management protocols such as
IETF and RFC, or cryptographic algorithms based upon
integer factorization
problems.
Integrity: Blockchains have the inherent characteristics
of immutability,
traceability, and integrity that help organisations maintain data integrity. Organizations can
also use consensus
model protocols to create mechanisms that prevent and control ledger splits in the event of a
51% attack on cyber
security. With every iteration of Blockchain, the previous state is saved, providing a complete
history log. Smart
contracts are used to enforce and verify rules between parties, preventing miners from mining
blocks of data.
Cyberattacks: Attempts to disrupt technology service
availability have been on
the rise in recent years. DDoS attacks are the most popular type of attack. DDoS attacks on
blockchain-based systems
are expensive because the attacker attempts to overpower the network by executing a large number
of small
transactions. The possibility of IP-based DDoS attacks disrupting normal operations is decreased
by the fact that
blockchains don't have a single point of failure. The data is available at all times through
multiple nodes, so full
copies can be accessed at any time. The resilience of platforms and systems is due to the
combination of distributed
operations and multiple nodes.
Blockchain: The New Weapon in Cybersecurity
Cybercrime is both dangerous and expensive. It costs businesses and individuals an estimated $500
billion annually.
Our security protocols cannot keep up with these clever and persistent attacks, even though they
seem so easy (e.g.,
a phishing message to a credentialed employee could expose millions of data points).
Blockchain is a Distributed Ledger Technology (DLT) that aims to create trust in an untrusting
environment, making it
a potential strong cybersecurity technology.
Although the ledger system is not decentralized, all information is accessible to specific
members. Any transactional
data encrypted onto the blockchain can be viewed, recorded, passed along, and viewed by all
members (or nodes).
This creates trust and maintains high levels of data integrity. The distributed nature of
blockchain means that there
is no point of failure or entry that can be hacked to expose entire data sets.
Take a deeper dive into blockchain with our extensive resources.
Blockchain's unique features can be a boon to the cybersecurity industry. They create an almost
impenetrable barrier
between hackers and your data.
Transparent ledgers allow for password-free access. The ledger uses biometrics such as
fingerprints and retina scans
to create an uncrackable single source of access to any private data. The decentralized storage
system ensures that
every block only contains a small piece of information to complete a larger puzzle. This limits
hackable data to
virtually nothing. Finally, the public record system of blockchain gives each node insight into
data manipulations,
which exposes potential cybercrime attempts in real-time.
We have many industries that use blockchain in cybersecurity
Cryptocurrencies
The blockchain was first implemented to power Bitcoin's operational network. Today, it is used in
over 1,000
cryptocurrencies. DLT protects cryptographic integrity through encryption and public information
sharing.
Individuals can track the origin of currency transfers to verify that cryptocurrency purchases
are legal. The
ability to control the number of cryptocurrencies created and maintain value is possible through
encryption.
These four companies use blockchain to
protect cryptocurrency trading.
How blockchain is being used in cybersecurity: Coinbase allows users to trade digital currency
and buy it back. The
company's blockchain platform is secure and allows users to trade anything from Bitcoin to
Litecoin or Ethereum.
Coinbase is entirely encrypted. To ensure your cryptographic security, Coinbase stores passwords
and wallets in a
secure database.
Impact on the industry: Coinbase is used by more than 20 million people. The company has already
processed over $150
billion in trades.
The pros and cons of using blockchain in cybersecurity
1. User confidentiality: A blockchain network's public key cryptography helps to protect the
privacy
of users.
2. Transparency and traceability of data: All transactions are tracked and a history is kept.
Transparency is maintained
by digitally signing transaction data by Blockchain network members.
3. Secure data storage and processing
4. There are no single points of failure: Blockchain systems can be decentralized, so a single
node
failure won't impact
the entire network. Due to multiple copies of ledgers, DDoS attacks are not possible. This
advantage is not possible
with private blockchains.
5. Secure data transfers: Blockchain's Public Key Infrastructure (PKI), which maintains
authentication during data
transfer, is responsible for data transfers. Smart contracts allow for the automatic execution
between two parties
of agreements during a transfer.
Cybersecurity: The Cons and Negatives of Blockchain
1. Reliance on the private key: Blockchains heavily rely on private keys to encrypt data.
However,
these keys cannot be
recovered once they are lost. This could result in losing all access to encrypted data.
2. Adaptability and scalability Challenges: Because blockchain networks have a predetermined
block
volume and limit
transactions per second, it is important to verify the network's scalability. Companies may have
difficulties
integrating Blockchain technology because it requires the complete replacement of existing
systems.
3. High operating costs: Blockchain applications require high storage and computing power. This
results in higher
operating costs than non-blockchain apps.
4. Insufficient governance: Blockchain concepts have not been regulated internationally yet. To
maintain the governance
of blockchain applications, regulations and frameworks must be created.
5. Blockchain Literacy: Understanding Blockchain technology requires an in-depth knowledge of
programming languages and
other tools. Despite the many applications of blockchain in
cybersecurity,
not enough blockchain developers are available today.
Examples of real-life applications
1. Here are some examples of blockchain being used in cybersecurity:
2. Barclays (London, England), Traditional Banking: Barclays has filed a patent for blockchain to
increase security in
fund transfers. The patent aims to stabilize cryptocurrency transactions by using Distributed
Ledger Technology. The
bank can store customer data on the blockchain to protect their banking information.
3. CISCO (San Jose, California), IoT: Cisco will use blockchain to protect IoT devices. Ledger
technology eliminates any
single point of failure, and encryption secures data.
4.Coinbase, San Francisco, California cryptocurrencies Coinbase uses encryption to protect
passwords and wallets. To
ensure the security of its cryptography, it also conducts background checks on all employees.
5. Australian Government (Canberra Australia): Australia's government plans to create a DLT-based
cybersecurity network.
IBM has also partnered with the government to ensure the security of government documents and
the creation of a
blockchain ecosystem.
6. Philips Healthcare (Andover, Massachusetts), Healthcare: Philips Healthcare has joined hands
with
hospitals around
the globe to create an AI-based healthcare ecosystem. This ecosystem will allow for the analysis
of various
administrative and medical data.
7.Chinese Military (Beijing, China), Defense and Military: China’s government and military seek
to
secure critical
government and military information. They also use blockchain technology to protect intelligence
information.
8. Founders Bank, Valletta, Malta, Cryptocurrencies. They are the first global decentralized bank
and will be owned by
their customers, not any central authority. Cryptocurrencies will be stored and secured using
concepts such as
encryption or distributed ledgers.
9. The Government of the State of Colorado (Denver, Colorado): to a Senate bill, the government
will
look into
blockchain for record storage to reduce attempted attacks.
10. P. Morgan, New York, NY, Traditional Banking: Quorum is a platform that uses blockchain to
facilitate private
transactions. To protect the transactions, it uses cryptography and smart contracts.
11. Health Linkages, Mountain View, California: They plan to use Blockchain to secure patient
records
and allow only
certain staff to have access to them. It will also be used for maintaining a chronology of major
healthcare events,
which will aid doctors in making better decisions.
Best practises and tips for blockchain security
1. These are the key questions to ask when designing a blockchain solution:
2. What governance model is used for members of participating organizations?
3. What data will each block contain?
4. What regulatory requirements are relevant and how can they all be met?
5. How do you manage the ID details? Are block payloads encrypted? How can the keys be managed
and
revoked?
6. What is the disaster recovery plan of the participants in the blockchain?
7. What is the minimum-security level for participants in blockchain-based clients?
8. What logic is used to resolve blockchain block collisions?
Make sure your private blockchain is deployed on a reliable and secure infrastructure. Bad
underlying technology
choices can result in data security risks due to their vulnerability.
Take into account governance and business risks. Business risks include reputational and
financial factors, as well
as compliance risks. Blockchain solutions' decentralized nature makes governance risks more
likely. They require
strict controls over decision criteria, governing policies, identity and access management, and
other policies.
The future of blockchain cybersecurity involves
understanding and managing the
risks associated with blockchain networks. A blockchain security model is a plan for
implementing security controls
on these chains. To ensure your blockchain solutions are adequately secured, create a blockchain
security plan.
To implement a blockchain security model, administrators must create a risk model that addresses
all business,
governance, and process risks. The next step is to evaluate the risks associated with the
blockchain solution and
develop a threat model. Administrators must then create security controls to mitigate risks and
threats using the
three categories below:
Blockchain security controls must be enforced.
Security controls should be applied.
Blockchain business controls must be enforced
Blockchain Cybersecurity: The Future
Blockchain is a revolutionary technology in cybersecurity for the digital age and will ensure
that cybersecurity CIA
triads are being observed. However, the complexity of its implementation could cause some
problems when applied. But
you don’t need to worry, contact us and
know more.
