Blockchain could be our best defense against the growing cybercrime

21 Oct, 2018
by Fifi Arisandi
Blockchain could be our best defense against the growing cybercrime

Blockchain may not eliminate cybercrimes completely, but it is definitely capable of minimizing the impact of several forms of attacks, according to a cybercrime expert at Ernst & Young (EY). 

With the growing number of cyber attacks these days, which in last year alone the amount was already surpassed the illegal drug market with over $600 billion, cybercrime is indeed one of the harsh realities everyone should be trying to find the solutions for.

According to a Senior Manager in cybersecurity at Ernst & Young (EY), Aidan Lynch, the nascent technology that becomes the base of cryptocurrency has a great potential to become the best defense against cybercrime.

Blockchain offers several capabilities that if correctly implemented could act as multiple layers of defense, which in the context of cybersecurity, they will make it more difficult to breach.

Lynch provides several examples of blockchain implementation in cybersecurity, as follow:

- When identity and authentication are put into blockchain, the decentralized nature of the technology will create passwords that can’t be stolen and used to steal even the most confidential data/information.

- Data put into blockchain is distributed across a network of computers. With its cryptographic protection, ransomware attacks will find it difficult to pull through with their malicious plans.

- The real-time tracking nature of all transactions happen in blockchain platform will also minimize, if not eliminate completely the chance of getting under-the-radar attacks, which might be one of the most wicked attacks any organizations can experience.

- The distributed and independently operated blockchain nodes is also capable of reducing the impact of a DDoS (distributed denial of service) attack, where perpetrators usually succeed in crashing the entire system by overwhelming servers with junk data.

Lynch believes that although blockchain will not eliminate cybercrimes completely, it definitely has the potential to “reduce the effectiveness of a range of cyber-attacks”.

The official LinkedIn post also revealed the member of the Big Four accounting firms' action plans to explore the use blockchain as means to fight against cybercrimes.

Read more: 

Lazarus, the most prolific hacking group in North Korea, have stolen $571 million

Port of San Diego gets hit by Ransomware which demands Bitcoin

Almost a million computers are still vulnerable to WannaMine malware

Cybercrimes amount to more than $1M per minute, taking advantage of cryptocurrency

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