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Volume 31, Issue 1

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Wednesday, 07 March 2018 15:20

How Technology Can Help Combat Cyber Attacks

Technology can transform nearly any process to be more efficient and streamlined

However, innovation sometimes comes at a cost. By utilizing technology like cloud-based storage and the Internet of Things, corporations risk threats to cybersecurity. In fact, cyber-attacks are growing just as rapidly as technological innovation. Juniper Research reports that cybercrime costs across the world will exceed $2.1 trillion by 2019. That is four times the cost of data breaches in 2015. By 2020, a single cybersecurity breach will cost more than $150 million. The very technologies that enable cyber threats are also useful for reducing risks and minimizing threats.

Building a Blockchain

If you have been keeping up with the cryptocurrency news, then you have likely heard a bit about blockchain. This is the technology ensuring the validity of Bitcoin, Ripple, and other digital currencies. More specifically, blockchain is an online ledger that accounts for every piece of data in a program. In the case of cryptocurrency, this data is in the form of coins and transactions. However, blockchain has far greater benefits than just tracking Bitcoin.

In fact, blockchain can help corporations fight against cyber-attacks. When blockchain is created, it cannot be changed, altered, or deleted over time. It is set in cyber stone. Blockchain is created through a series of sequential hashing coupled with cryptography, the same method used to develop secret languages among secret service agencies. How does this relate to cyber protection against hackers and malicious entities? Organizations can use blockchain to handle secure information. As explored by Tech Crunch, blockchain allows corporations to prevent tampering and detect any form of cyber vandalism. Several companies have already jumped on the blockchain bandwagon including Microsoft, IBM, JPMorgan Chase, Walmart, and UPS.