Organizations of all sizes face an ever-growing threat from cyber attacks in today’s digital age. Despite the best software solutions and security measures implemented, determined hackers and sophisticated cybercriminals often find ways to breach defenses.
This alarming reality raises crucial questions: Is there a way to bolster cybersecurity beyond traditional approaches? Can organizations proactively counter cyber threats with innovative strategies? Whether it is for simpler tasks like to certify documents or high-end business operations, achieving a cyber secure platform is a necessity.
In this blog, we will be delving into a particular case study where an organization encountered cyber breach which resulted in significant financial loss. Through this case study analysis, we will be exploring challenges that lead to this incident.
Additionally, we will see how the blockchain’s distributed network can help in combating the cyber attacks in organizations.
Case Study Analysis: Challenges That Led to Cyber Breach
Prevention of cyber attacks is not the first priority instead being prepared to detect and deal with them in real-time is what matters significantly. The areas in which this particular organization lacked leading to cyber breach.
Through thorough analysis it was revealed that the organization was facing a series of challenges. The following were the key issues –
Increased data in relation to actionable information
Client X operates with a small IT team that lacks specialized security consultants. Their network comprises over 1000 devices, resulting in a significant influx of log entries and alerts each day.
However, the current process fails to convert this data into actionable insights regarding potential cyber threats. Consequently, there is a looming danger of multiple unidentified attacks infiltrating the network.
Given the size of Client X’s organization, it is estimated that they face approximately 1000 cyber-attack attempts within any 24-hour period. Without a dedicated team to address these concerns, it is inevitable that some threats will go unnoticed, leading to financial losses and reputational harm.
The root cause of cyberattacks goes undetected
Due to the limited visibility, intrusions cannot be analyzed without gathering data from various independent systems. This leads to inefficiency in identifying the underlying cause of an attack and determining an appropriate response.
As a result, the time taken to resolve such issues will be significantly prolonged. Therefore, increasing the risk of substantial financial losses and damage to the brand’s reputation in the event of an attack.
Lack of transparency to employee activity
Internal threats present a more significant risk to cybersecurity compared to external hackers, as demonstrated by a staggering 74% of cyber incidents originating from within organizations.
On a daily basis, employees unintentionally contribute to data breaches and leaks, which can have substantial financial implications for remediation efforts. Breaches often occur due to the loss of credentials caused by phishing attacks, theft, or even employee negligence.
This creates opportunities for malware to infiltrate the system when employees click on malicious links in spam emails or unknowingly introduce infected devices into the workplace.
Moreover, the protection of intellectual property (IP) is endangered in scenarios involving disgruntled employees or departing staff members who may attempt to exfiltrate valuable data, providing competitors with valuable insights into the company’s operations.
How Blockchain Benefits to Ensure Cyber Security?
Now from the above analysis of the case study we could identify the challenges that resulted in cyber breach for the organization. However, to tackle these problems, a blockchain based solution or web 3.0 blockchain can be the potential solution. Here’s how –
Decentralization: Web 3.0 blockchain distributes data across a network of computers called nodes, eliminating the reliance on a single central authority. This decentralization reduces the vulnerability to attacks that target centralized points of failure. With blockchain, even if some nodes are compromised, the majority of nodes maintain the integrity of the data, making it extremely difficult for attackers to manipulate or corrupt information.
Immutable Data: One of the core features of blockchain is immutability. Once data is recorded on the blockchain, it becomes practically impossible to alter or delete without the consensus of the network. This feature enhances the security of critical information as it prevents unauthorized tampering or manipulation of data. The challenge of internal cyber threats which we deduced from the above case study can be overcomed easily.
Cryptographic Security: Blockchain utilizes cryptographic encryption algorithms to secure data and transactions. Every transaction or piece of data stored on the blockchain is encrypted and linked to previous transactions through cryptographic hashes. This cryptographic security ensures the confidentiality and integrity of the data, making it highly resistant to unauthorized access or tampering.
Enhanced Transparency: The lack of visibility and transparency were key problems we discovered from the case study. But the use of blockchain solves these concerns as it promotes real-time monitoring due to its decentralized mechanism. The authorized parties within the network can track transactions happening that too in real-time.
Conclusion
While cyber attacks are constantly on the rise, the promising potential of next gen internet and leveraging the power of blockchain can significantly act as a counter attack. There are many pioneering platforms using this tech to offer organizations solutions to protect their system.
One such noteworthy interface is ProofEasy that provides document security solutions using their patented blockchain security. With their help, organizations can certify documents and do more for secure document management.
