News
Using blockchain and artificial intelligence to protect personal data and boost cybersecurity
November 2022 by OwlGaze
Cybercriminals stole almost £1.7 billion of crypto funds through cryptocurrency exploits in the first half of 2022 alone, according to data based on the numbers provided by Slowmist Hacked, which collects information about disclosed attacks against blockchain projects. 2022 looks likely to be far worse than last year for digital currency wrongdoings. But what can be done about it?
In light of this increase in crypto and blockchain security breaches, it is clear more needs to be done around improving security and privacy, particularly regarding users’ personal information and company’s intellectual property. The only way for data protection to be improved is through advancements in cybersecurity and new legislation.
“By providing decentralised identity and other privacy mechanisms, blockchain and distributed ledger technologies offer novel ways to protect user data,” explains Ralph Chammah, Chief Executive Officer of OwlGaze, “In these systems, users can have greater control over their data through tools that allow them to own and control it. AI can improve the monitoring of access to sensitive data. This would involve training models to recognise normal behaviours and flag anomalies.
“Data protection is imperative for all organisations alike. Sending or storing sensitive data using cryptographic algorithms is not enough to protect against man-in-the-middle attacks. Applying the principle of Confidentiality Availability and Integrity (CIA) to your data is the first step forward towards understanding how to protect your sensitive and mission critical data points. Considering privacy regulations across different industry sectors and jurisdictions (GDPR, CCPA, PDPO, SEC, etc.) will give you a comprehensive picture of your data and how you can utilise it better.”
Software such as Blacklight uses advanced AI and machine learning (ML) to predict threat detection based on the collection, normalization, and analysis of all telemetry data. The software’s threat hunting abilities are aided by thorough security analytics with the help of AI and ML as well as data corelation. This enables security teams to uncover threats quicker, more efficiently while also gaining better insight.
“Cybercrime is on the rise across all sectors, including data breaches, ransomware attacks, social media phishing, and even direct cryptocurrency mining attacks. Public and private organizations are both looking for ways to keep up with constantly evolving threats due to the growing frequency, sophistication, size, and financial consequences of cyberattacks.”
