Blockchain for Cybersecurity – What Every Business Needs to Know 

Initially serving as the framework for Bitcoin, blockchain technology is currently a widely acknowledged phenomenon. It is still expanding and included in several industries, including finance and healthcare. Particularly with blockchain for cybersecurity, there has been a noticeable impact with more potential in store.

Blockchain, a multi-computer transaction recorder system operating as a decentralized ledger, is not limited to a specific industry. Its versatility allows it to secure any digital asset or transaction, making it increasingly popular across industries. Blockchain technology’s ability to keep information private and safe by thwarting data breaches, identity theft, cyberattacks, and manipulation is reassuring to its applicability. 

In recent years, digital currencies, blockchain technology, and cryptocurrency in rising markets have taken center stage in our digital world, dominating everything from news articles to social media posts. Blockchain has multiple uses, but most people associate it primarily with cryptocurrencies like Bitcoin. 

Blockchain for Cybersecurity is one crucial area where blockchain has the potential to make a big difference.

How Blockchain for Cybersecurity Can Benefit the IT Industry

Blockchain for cybersecurity possesses the perfect recipe to enhance the cybersecurity industry & improve its overall defense mechanism through the following features. 

One of blockchain’s most notable characteristics is its decentralized nature. When there is no single point of control, it is much more difficult for hackers to target and infiltrate the system. The ledger is kept on each network node, not simply in one location. Additionally, any changes require approval from the entire network. Due to this configuration, it is practically hard to change data on the blockchain without getting detected. 

Another important benefit is the permanent nature of the blockchain records. A transaction cannot be altered or removed once it has been recorded. This ensures data integrity, which is important in maintaining data security in areas such as supply chain management, financial transactions, and medical records. 

The next interesting aspect of blockchain for cybersecurity is public key cryptography, another tool it uses to guarantee the security of transactions. Each user is assigned a distinct set of public and private keys, and transactions are signed using the private key. Someone can’t change the transaction without this private key. 

The self-executing programs known as smart contracts are kept on the blockchain. These agreements eliminate the need for intermediaries by automating complicated procedures. Smart contracts are essential since they are transparent and unchangeable, making them a must-need solution in blockchain. 

Lastly, blockchain facilitates safe communication between nodes. It maintains confidentiality and integrity while protecting the network against intrusions.

Looking At The Recent Trends of the Cybersecurity Industry

1. Pluralsight reports that 56% of security professionals are concerned about AI-powered threats. In addition, many AI professionals are worried about AI tools potentially replacing their jobs. 

2. According to Chainalysis, ransomware groups extorted over $450 million through cryptocurrency payments in the first half of 2024. This marks an increase from last year when one record ransom payment reached $75 million. 

3. Gcore reports that DDoS attacks surged by 46% in the first half of 2024 compared to the same period in 2023, with 830,000 attacks. The peak attack power reached 1.7 terabits per second. 

4. Nightfall AI’s research revealed that 35% of exposed API keys remain active, presenting severe security risks. The study found an average of 350 secrets exposed per 100 employees each year on GitHub, including passwords and API keys. 

5. AppOmni researchers have discovered that attackers targeting SaaS apps can bypass several steps of the traditional seven-stage kill chain to reach their objectives. This change urges organizations to reassess their cybersecurity strategies. 

6. The Cybersecurity and Infrastructure Security Agency announced at the RSA Conference that nearly 200 firms have joined the Secure by Design initiative. Launched initially with 70 companies, this program aims to enhance security features in software development. 

7. ReliaQuest’s analysis of data theft incidents from September 2023 to July 2024 identified Rclone, WinSCP, and cURL as some of the threat actors’ most commonly used exfiltration tools. 

Real-World Solution Blockchain For Cybersecurity Brings

Technology	Challenge	Solution
Post-Quantum Cryptography (PQC)	Traditional cryptographic algorithms are vulnerable to quantum computers, threatening blockchain security.	Post-quantum cryptographic algorithms are being designed to resist quantum attacks. These algorithms are integrated into blockchain protocols to protect data integrity and ensure network resilience.
Homomorphic Encryption	Conventional encryption methods prevent data analysis while encrypted, complicating regulatory compliance.	Homomorphic encryption enables computations on encrypted data without needing decryption. This allows for regulatory checks and data analysis within blockchain systems while keeping data private.
Blockchain-based Key Management	The secure storage and management of private keys are critical to blockchain security.	Blockchain offers secure key management through techniques like multi-party computation (MPC), which distributes key management across multiple nodes, removing single points of failure and strengthening overall security.
DeAI (Decentralized AI) for Security	The dynamic threat landscape requires proactive security solutions.	DeAI solutions detect anomalies, analyze threats, and automate incident responses. It helps identify and address security risks more effectively.
Integration with Secure Enclaves and HSMs	Balancing security with usability is key for blockchain applications.	Secure enclaves and hardware security modules (HSMs) provide isolated environments for sensitive tasks like smart contract execution and private key management, ensuring security without compromising usability.
Decentralized Security Protocols	Centralized security solutions create vulnerabilities and single points of failure.	Decentralized security protocols use blockchain to build distributed security systems, ensuring collective network protection without relying on a central authority.
Privacy-Enhancing Technologies (PETs)	Balancing transparency and privacy is challenging.	Privacy-enhancing technologies, such as zero-knowledge proofs (ZKPs), allow selective information disclosure without exposing underlying data, thus improving privacy while maintaining blockchain functionality.
Security Regulations and Compliance	Blockchain’s regulatory frameworks are still being developed.	Collaboration among industry leaders, regulators, and security experts is essential for creating clear security standards for blockchain, promoting trust and broader adoption.

Merging Blockchain & Artificial Intelligence (AI) for a Robust Cyber Secure Infrastructure 

Blockchain and AI combined can result in even more reliable cybersecurity solutions. Blockchain for cybersecurity provides a transparent and safe way to exchange and store cybersecurity data. Then, AI can examine this data, find trends and abnormalities, and provide security professionals with helpful information. 

Blockchain technology can assist in preventing the manipulation of AI algorithms. Any breach to the sensitive data used to train AI algorithms could result in manipulation. The integrity of AI models can be protected by keeping the data on a blockchain and closely observing incoming access. 

What The Future Looks Like For Cyber Threats

The ransomware trend persisted throughout 2023, and it’s likely to continue shaping the future of blockchain for cybersecurity. The frequency, scale, and volume of ransomware attacks have also increased with the rise in threat actors. 

In late 2023, both MGM Resorts International and Caesars Entertainment were hit by significant ransomware attacks. While ransomware itself isn’t new, what stands out in these cases is the scale of the victims and how the attacks were carried out. 

Companies dealing with enormous sums of money are prime targets for cybercriminals. These businesses typically have strong cybersecurity practices to prevent, contain, and recover from attacks. Yet, in just over a month, these casino giants suffered breaches, resulting in significant customer data theft. 

So, how were these networks breached?

Caesars reported that their incident began with a social engineering attack targeting an outsourced IT provider. Similarly, the group behind the MGM attack, Scattered Spider, claimed they used social engineering, too. They located an employee on LinkedIn and tricked the company’s help desk into giving access to that employee’s account. 

This leads us to the second tactic used in these attacks: 

As mentioned earlier, this remains a persistent threat. Even with the most advanced security solutions, human error is still a significant challenge. 

Users will continue to make mistakes that result in data loss. Social engineering and phishing attacks will persist, but they will likely become more complex as attackers leverage AI technologies. 

Social engineering is about crafting convincing messages and sending emails that seem legitimate to lure victims into clicking harmful links. With AI, cybercriminals can move beyond simple “password reset” or “mailbox full” scams, creating more sophisticated and convincing messages. 

How Webmob Can Help You Stay CyberSafe

Increasing cyber risks have rendered generic solutions inadequate. At Webmob, we recognize that sophisticated, customized solutions are necessary for effective cybersecurity. For this reason, we combine blockchain technology with AI-driven algorithms to provide precise and reliable protection for your business. 

For instance, our blockchain-based cybersecurity solutions offer an impenetrable way to protect confidential information. By decentralizing data storage and creating immutable records, we guarantee that your data is uncompromised and auditable even during a system breach. 

Furthermore, our AI-driven threat detection systems don’t just react—they predict. Our machine-learning algorithms analyze network behavior before a breach becomes a threat, identifying unusual patterns. Our smart systems always learn and adapt to new attack vectors, whether recognizing malware, mitigating DDoS attacks, or detecting insider threats. 

What sets Webmob apart is our ability to deploy blended cybersecurity solutions tailored to the particular requirements of your industry. We provide customized layers of protection, from real-time anomaly detection to smart contract auditing, to ensure your safety whether you work in e-commerce, healthcare, or finance. 

Integrating our cybersecurity solutions can give your infrastructure a better chance at protection. Contact our cybersecurity experts at info@webmobinfo.ch for a comprehensive security integration roadmap within 3 hours.