Tokenization to fight cyberthreats
Important reports showed that in the first half of 2020, there was an increase of almost 35% in the total volume of cyberattacks compared to the second half of 2019. Cyber threats have increased in speed and sophistication this year as well, employing new techniques that make them even more difficult to detect. But what can we do to survive this wave of cyber threats? Well, the short answer to that is: take advantage of the newest technologies.
The picture has changed
The unanticipated shift of a large percentage of the workforce to a remote work setting hasn’t only transitioned work, data, and intellectual property from enterprise-managed facilities to workers’ homes, but it has also extended the security boundary beyond the enterprise facility’s perimeter. It means that we now worry about the increased risk of exfiltration or leakage of sensitive data. And not only this, but for almost any transaction for commercial purposes has been set in a completely online environment.
But we don’t all have the knowledge perhaps to ensure the security of our assets, services, and infrastructure at a complex level in a completely remote-online environment. Or to ensure privacy and confidentiality of data and any associated data subject rights, and protect corporate intellectual property that’s distributed across potentially less secure home internet connections and varying grades of Wi-Fi systems and communication channels. Also different devices, applications and software.
Can blockchain be a solution?
Here is where Blockchain comes in. Because it does guarantee the 3 main properties of information security (CIA): Confidentiality, Integrity, and Availability. After all, Blockchain networks are systems composed of multiple nodes, which guarantees, on the one hand, the availability and, on the other hand, the integrity of the information, since it is immutable. In other words, the data recorded in the blockchain cannot be erased or modified over time.
As for confidentiality and traceability, it is worth remembering that this is one of the basic properties of this technology since it is possible to access and know the history of each of the records. In the blockchain, we know the author of each transaction, in addition to being able to verify each transaction.
Tokenization is another face of the blockchain that supports the idea of a more secure environment. Because it allows people to engage in a new environment in which the blockchain is the underlying technology. Financial data and more are protected and saved within the system and people can carry this technology with them while they use their coins, wherever they go, in any place of the world, through any device and connection method.
Tokenization offers security alternatives
Also, tokenization has a great effect on identity and access management, which can be much more than simply providing users with login capabilities to a system or network. Identity management is one of the fundamental cybersecurity objectives that aim to increase security and productivity while reducing costs. Which is one of the biggest concerns for startups and small companies, who have to deal with expensive alternatives such as vulnerability scanners and more, yet not counting with a reliable system that makes things easier for their customers.
A token-based system can use an identity tied to it along with a personal identification number or password. For example, if you created an app or service to which only those who hold your token can have access, your token can become your secure access to identify your users taking advantage of the technology behind it.
And the examples vary. We all have heard of online concerts or interviews that have been licked, people who didn’t pay end up having access because the URL or information was compromised with a cyberattack. What would have happened if the access to your live-streaming performance was proved through the blockchain? Or what if you could check a token transaction as the ultimate proof to access private content? It is just unbeatable, nobody can fake the existence of a token inside the blockchain, and it would be extremely difficult to steal a token from someone's wallet or from inside a secure exchange. Furthermore smart contracts offer unlimited possibilities, and are not reserved for only one sector of the economy.
Perhaps we have seen tokenization lightly, now, considering that it can be a weapon to fight against cyber threats too, have new ideas come to mind?