Page 25 - Cyber Warnings

Without sensitive data being collected and maintained at a single physical location,
cybercriminals would be unable to lock and hold data ransom.

In addition, blockchain offers organizations the ability to store critical data in an encrypted
format, across records that are immutable and tamper-proof. Data stored in a blockchain
undergoes sequential hashing to generate a unique fingerprint.

Blocks of transactions taking place within the system are linked by these hashes to ensure data
integrity.

Any attempt to access or alter data stored in a blockchain is indelibly recorded, allowing
organizations to not only restrict access to unauthorized users from outsider their networks, but
also reduce the risk of insider threats.

In addition to allowing critical data to be managed in a decentralized manner, blockchain allows
for improved provisioning of digital identity and access management services. A blockchain-
enabled cybersecurity solution will allow organizations to enforce tighter access controls and
prevent mishandling of data by unauthorized users.

When access to sensitive data gets controlled more effectively, the threat of ransomware
correspondingly becomes more controlled and manageable.

While blockchain originally emerged as a completely secure mechanism to ensure Bitcoin
transactions and has made a considerable impact in the fintech space, rising sophistication and
frequency of cyberthreats requires a brand-new focus on this technology from a cybersecurity
perspective.

Blockchain can empower organizations by giving them the ability to enforce improved identity
and access management to keep cybercriminals at bay.

About The Author

Narayan Neelakantan is the Co-Founder and CEO of Block Armour – an
India-based startup working on providing next-gen enterprise cybersecurity,
powered by blockchain technology. With over 16 years of experience in the
field of Cybersecurity, IT Governance, Risk & Compliance and IT
Infrastructure, Narayan is an innovative thought leader responsible for
strategizing, implementing and maturing Risk Management & Cyber
Security. He was previously the CISO and Head – IT Risk & Compliance
with India’s National Stock Exchange (NSE) – Technology. Narayan can be reached online at
[email protected], https://twitter.com/BlockArmour and at our company website
http://www.blockarmour.com/

25 Cyber Warnings E-Magazine – June 2017 Edition
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