According to the report, Cyberwarfare In The C-Suite, If it were measured as a country, then cybercrime — which is predicted to inflict damages totaling $6 trillion USD globally in 2021 — would be the world’s third-largest economy after the U.S. and China.
The biggest cybersecurity concern today for any organization is data protection; insufficient and inefficient data protection measures can lead to data theft and breaches.
Relying on traditional information technology security controls is no longer enough for building the required cybersecurity protocols.
Clearly, an intelligent and more sophisticated security solution is needed to reduce an organization’s cyber risk and potential cyber-attacks. Can Blockchain be an effective cybersecurity solution?
With its properties like immutability, decentralization, and transparency, Blockchain can be an effective solution for businesses to improve their data security in the cyberworld.
How does Blockchain work to improve cybersecurity? Through:
Blockchain chaining process
Distributed Architecture
Consensus validation mechanism
Encryption
Cybercrime is ever-evolving and lucrative. No cyber defense system is 100 % secure. Organizations can strengthen their technical infrastructure by using blockchain-based cybersecurity controls and standards. Combining Blockchain with AI, IoT, and ML may also be necessary.
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