The consumer credit reporting agency Equifax is still recovering from the cybersecurity breach it was a victim of earlier this year. This breach reportedly occurred between the mid of May and July 2017 with cybercriminals gaining access to the data of over 142 million U.S. Equifax consumers. In the May of 2013, Target was also dealing with a cybersecurity breach of its own. The retailer was compelled to cough up $18.5 million US dollars to pay for the damages caused by the breach, which affected about 41 million customers.
These are just the recent breaches in security that companies have had to suffer. There are many more who have gone through similar problems. In light of these circumstances, many companies and organizations are now working very hard in order to be able to rebuild the trust of customers. Experts in cybersecurity are now making full use of advancing technology to improve security. Among these companies is Datum, a data security company which is focusing on creating a high level of security measures for data which will have theoretically immutable encryption.
In order to achieve that, companies are looking towards employing blockchain technology which is the technology pioneered by Bitcoin. Information is stored in blocks of data that are linked together one after the other forming a chain which is kept secure using cryptography. This enables an improved sense of security without the need of a central authority.
“E-commerce today is the engine of global economy and as such, it should rely on the most advanced and secure backbone, rather than the security-risk prone technologies of yesterday,” says Roger Haenni, Co-founder and CEO of Datum. “The new decentralized platform known as blockchain enables a new class of services, with smart contract technology enabling businesses to focus on commerce and protect themselves.”
Datum has provided two tips for online businesses to be able to protect their data online.
The customers need to feel confident about the companies they are conducting their business with. They need to know the companies can protect their sensitive data from theft and that there is an adequate level of encryption in place to make that possible. As technology improves, hackers are developing newer ways to breach data and exploit it. Constantly upgrading the security measures to match the advancing technology will help businesses stay ahead of the curve and maintain their customers’ trust.
It is irrelevant whether your data is stored in a cloud, your company’s own data centre or using a combination of the two, even if a single point of vulnerability is found in the encryption, hackers will exploit it and compromise the security of the whole system. The emphasis on the utilization of blockchain technology’s decentralized nature cannot be stressed enough. A blockchain security solution will enable e-commerce businesses to set the parameters of their cyber-security and make sure that critical data is safe.
Using blockchain based smart technology will insure that even on a global scale, the sensitive data of an e-commerce business is visible only to those who are authorized to see it and they will be able to receive the data on time without compromise on security.