Security is one of the first things to invest in when managing your networks and applications. Just like the evolution of technology, the nature of ransomware and online threats have also evolved, and it has become extremely important to employ the latest best practices of cybersecurity to secure our devices and networks. However, despite our efforts to maintain the integrity of our cybersecurity systems, cybercriminals are insistent on finding new ways to penetrate our networks for malicious purposes.
With the alarming rise in the number of threats, the need for impermeable security is rapidly increasing. This is why more and more companies are choosing to invest in Blockchain Security.
What is Blockchain Security?
Blockchain security is an advanced form of cybersecurity that caters to millions of users around the world by storing their data, securing their confidential files, and enhancing the protection of their networks and information through its interconnected structure. Blockchain and cybersecurity ideally go together, as these structures can only be accessed by authorized users through their digital signatures. By keeping their data locked securely behind a wall of cybersecurity blockchain, individuals and companies alike are able to enjoy a different level of protection against cybercrime hackers.
Blockchain security is incredibly versatile. Many industries choose to invest in blockchain cybersecurity because it is built to store all forms of data. That means it can be used to protect sensitive information such as medical data, credit purchases and other financial transactions, private agreements, and more. Since it was first used for cybersecurity in 2008, blockchain security has evolved into one of the most trusted and reliable platforms for cybersecurity today.
How are Blockchains Formed and Data Updated?
As the name suggests, blockchain security works through chains by storing blocks that contain the users’ private information. Why is blockchain secure? Users can add these blocks to this chain through an elaborate process. Blockchain technology in cybersecurity works by solving difficult arithmetic problems. Users can solve these mathematical problems through their advanced systems, which enable the necessary algorithms to get things done. Through this complex method, users gain access to the nearly impenetrable and firm walls of blockchain cybersecurity.
When adding more data to the blockchain security features, users need to generate a chain of code that works by putting one block of data on top of the other. Blockchain technology in cybersecurity requires one of the most deliberate and detailed methods of updating because even one minor change can alter the entire chain. However, blockchain cybersecurity also prevents data from being lost by carefully tracking all changes and comparing the updated blocks to old versions.
Is Blockchain Invulnerable?
There are four primary ways in which blockchain applications come under attack from hackers:
-
Routing Attacks
As long as you use the internet, you are vulnerable to routing attacks. This is because cybercriminals carry out their malicious intent by attacking the data that is being transferred through internet services. This can be hard to resolve or even diagnose because, at a glance, it seems like everything is normal and in place. However, in reality, hackers have already gained access to your confidential information.
-
Sybil Attacks
Cybercriminals target networks through sybil attacks by flooding them with a sea of fake identities. The large number of these identities will eventually overpower blockchain security’s capacity to function properly by prohibiting authorized users from accessing the chain. Eventually, the system will crash from the pressure, leaving the chain and all information within it vulnerable to hackers. There is no known solution for this attack as of now.
-
Phishing Attacks
Phishing attacks are one of the most well-known and prevalent problems among blockchain security issues to this day. Hackers and cybercriminals use phishing vulnerable users to give out their information and credentials through the use of fraudulent emails. These emails pose as messages from an official or authorized party, targeting key owners by sending them a fake hyperlink. Once users click on these links, their information is extracted and used to gain access to their blockchain security.
-
51% Attacks
51% attacks can only be carried out through large-scale operations with a large number of resources. It takes a lot of effort on the hacker’s end, but in turn, they gain over 50% of the blockchain security’s mining power. Such a large scale of control gives cybercriminals a wide list of options for using the compromised information. One of the most common ways hackers take advantage of this is by reversing transactions.
While blockchain technology is still vulnerable to certain attacks, the benefits of employing it in cybersecurity far outweigh the risks.
Benefits of Blockchain Technology in Cyber Security
Blockchain security offers extensive benefits to its users in terms of their protection and peace of mind. Here are a few examples:
-
Decentralized Medium Storage Systems
Blockchain cybersecurity is gradually becoming the new norm for many companies. Traditionally, companies use centralized medium storage systems that leave their networks vulnerable to hackers. To access their sensitive information, cybercriminals just need to find one weakened area for them to exploit. Blockchain security combats this by enforcing a decentralized storage system, making it difficult for hackers to find vulnerable areas that allow them to break through the blockchain security.
-
Secure Private Messaging
The protection of blockchain security could also be used in the social media platforms that you use every day. With the convenience of instant messaging and the wide array of options for messaging applications, private messaging has become one of the top modes of communication. However, these applications are vulnerable to threats if hackers gain access to the private information being shared through the users’ personal messages. Cyber security in blockchain prevents this from happening, enabling a standard security protocol for enhanced protection.
-
Preventing Fraud and Data Manipulation
Blocking attempted fraud or data manipulation is one of blockchain security’s main purposes. Unlike regular networks and operating systems, blockchain cybersecurity is protected by the fact that it takes an incredibly complex and elaborate procedure to corrupt its chain. Cybercriminals won’t be able to destroy or tamper with any data unless they access and eliminate all computers that are owned by the chain’s authorized users.
-
IoT Security
Blockchain security’s decentralized storage systems become useful once again when it comes to IoT security. With the rising popularity of artificial intelligence systems that provide a centralized and automated function for devices, hackers can easily penetrate these devices’ systems and gain full control of their features by targeting the AI. Blockchain cybersecurity prevents this from happening since it essentially allows the system to make security decisions on its own. With blockchain security’s decentralized approach to storage systems, it lessens and even eliminates the chance of the entire system being compromised right away once cyber criminals gain access.
-
Secure DNS and DDoS
Distributed Denial of Service (DDoS) and Domain Name System (DNS) work hand in hand to keep a website or application functioning. Once they are penetrated by hackers, it’s likely that the platform or application in question will begin to slow down or even shut down completely, resulting in downtime and delays for your company. Even worse, cybercriminals can use this as an opportunity to access your platform and alter its contents. In turn, your website or application may be used for malicious purposes that involve sourcing money from innocent users, redirecting the content to a separate malicious website, or completely blocking off access for its rightful owners.
-
Verification of Cyber-Physical Infrastructure
The integrity of cyber-physical systems continues to stay at risk with the prevalence of cybercrime and data tampering issues. Blockchain security resolves this issue by verifying and carefully monitoring the state of all cyber-physical systems and infrastructures. With that, users can rest assured that information added to the chain is authentic and free from any form of malicious intent that could harm the overall network.
-
Protect Data Transmission
The instances wherein data is in transit from one place to another, it often becomes vulnerable to cybercriminals who are planning to intercept it on its way to the receiver. Blockchain security offers total encryption for all data that passes through its network, ensuring that it will not be compromised along the way. This is one of the most vital steps to take when working with blockchain cybersecurity. Once cybercriminals get a hold of your data, there is no telling what they’ll do with it. There are seemingly endless threats available that can only be resolved by fighting against them with optimal protection.
-
Diminish Possibilities of Cyberattack from Human Errors
In most cases, the problem does not lie with the network itself but with the users who manage it. Blockchain security requires minimal management from users because of its automated aspects. That being said, it can work on its own as a reliable and fully functional system that stores your data. Seeing as it can function mostly by itself, it reduces the need for users to manage its performance and lessens the chances of mistakes being made during the process. At the same time, users can monitor the chain at any given time and step in if any suspicious activity occurs.
Conclusion
It’s time to take the necessary steps to secure your network from malicious attacks. Do this by investing in pure play software testing and premium protection for your systems with blockchain security. Contact us today to let us know how we can help!
