Story image

Blockchain tipped to be top cybersecurity trend in 2018

26 Oct 2017

The buzzwords that have been lighting up the cybersecurity and IT industry this year are set to transform the world in 2018 and blockchain will lead the way, according to predictions from Dimension Data.

The company released its top IT predictions for 2018. The top trend is blockchain, the technology that is behind cryptocurrencies such as Bitcoin. Its potential to disrupt and transform the world will be evident in money, business and society.

“Last year, when we looked at the top digital business trends for 2017, we predicted that centralised transaction models would come under attack. We were spot on. In the financial services sector, we’ve seen the US and European capital markets moving onto Blockchain platforms, and similar activity in markets such as Japan. Considering how conservative and compliance-focused this sector is, that’s quite remarkable,” comments Dimension Data’s group chief technology officer, Ettienne Reinecke.

Reinecke says it is ironic that cybercriminals demand to be paid in Bitcoin.

“Bitcoin might be a crypto-currency, but it’s based on Blockchain, and if cybercriminals are confident that Bitcoin provides a safe mechanism for the payment of ransoms, it indicates just how secure the distributed ledger approach is. I believe that Blockchain has the potential to totally re-engineer cybersecurity, but the industry has yet to come to terms with it.”

The relationship between blockchain, the Internet of Things and cybersecurity will also emerge.

Dimension Data says that attacks have been launched from low-cost IoT endpoints and security on those devices is still lacking, however, blockchain ‘can play a fundamental role in securing these environments’, the company says.

In the world of IoT you’re generating millions of small transactions that are being collected from a distributed set of sensors. It’s not feasible to operate these systems using a centralised transactional model: it’s too slow, expensive, and exclusive,” Reinecke adds.

“To extract the true value from IoT technology you have to be able to operate in real time. Once a sensor alert is received from a control system you must react to it, meter it, and bill for it instantly – all of which negates the viability of a centralised transactional authority. The cost of the transaction has to be near-zero or free, and the cost elements of a centralised model simply don’t support the potential business model in IoT.”

Dimension data also expects that the global cybersecurity landscape will change, with organisations doubling down on defence and implementing zero-trust models.

Multi-factor authentication and sophisticated technologies will also play a key role.

We’ll also see increasing demand for deep learning technologies and ‘robo-hunters’ that monitor how people behave on office systems and alert for any unusual behaviour,” the report concludes.

Mozilla launches Firefox Send, an encrypted file transfer service
Mozille Firefox has launched a free encrypted file transfer service that allows people to securely share files from any web browser – not just Firefox.
Online attackers abusing Kiwis' generosity in wake of Chch tragedy
It doesn’t take some people long to abuse people’s kindness and generosity in a time of mourning.
Ransomware’s decline equals cryptomining’s rise
ESET’s Security Days Conference recently took place to go over the current threat environment and what to look out for next.
IoT and DDoS attacks: A match made in heaven
A10 Network’s Adrian Taylor uses findings from a number of reports to illustrate his point that advances in technology are facilitating cybercrime.
ForgeRock launches Sandbox-as-a-Service to facilitate compliance
The cloud-based testing environment for APIs enables banks to accelerate compliance with Open Banking and PSD2 deadlines.
Cloud application attacks in Q1 up by 65% - Proofpoint
Proofpoint found that the education sector was the most targeted of both brute-force and sophisticated phishing attempts.
Singapore firm to launch borderless open data sharing platform
Singapore-based Ocean Protocol, a decentralised data exchange that promotes data sharing, has revealed details of what could be the kickstart to a global and borderless data economy.
Huawei picks up accolades for software-defined camera ecosystem
"The company's software defined capabilities enable it to future-proof its camera ecosystem and greatly lower the total cost of ownership (TCO), as its single camera system is applicable to a variety of application use cases."