Data 14 Feb 2023

Using the blockchain to prevent data breaches

Data breaches have, unfortunately, become an all-too-common reality. The Varonis 2021 Data Risk Report indicates that most corporations have poor cybersecurity practices and unprotected data, making them vulnerable to cyberattacks and data loss.With a single data breach costing a company an average of $3.86 million and eroding a brand’s reputation and its consumers’ trust, mitigating the risks is no longer a luxury. However, as cyberattacks get more pervasive and sophisticated, merely patching up traditional cybersecurity measures may not be enough to fend off future data breaches.Instead, it’s imperative to start seeking more advanced security solutions. As far as innovative solutions go, preventing data breaches by utilizing the blockchain may be our best hope.Blockchain technology 101Blockchain technology, also referred to as distributed ledger technology (DLT), is the culmination of decades of research and advancement in cryptography and cybersecurity. The term “blockchain” was first popularized thanks to cryptocurrency, as it’s the technology behind record-keeping in the Bitcoin network.