Cybersecurity Expert Warns of Risks and Challenges in Securing Blockchains

Recap: According to cybersecurity expert Thomas Carter, while blockchain technology offers a tamper-proof ledger of distributed transactions, it is not immune to cyber attacks. Attackers have been identifying vulnerable points in the blockchain since its inception in 2008, using various methods such as transaction malleability, distributed denial of service, time jacking and routing and sybil attacks. No industry is entirely safe from these threats, with vulnerabilities most commonly seen in small businesses, healthcare, higher education, energy and government sectors. To protect themselves, businesses must allocate sufficient resources and funding for cybersecurity software, with private blockchain networks requiring special attention towards a globally distributed network to ensure continuous operation even during a breach or natural disaster.

Opinion: As technology continues to advance, so do the risks of cyber attacks. It is crucial for companies to prioritize cybersecurity and allocate sufficient budget and resources towards protecting their networks and data. The alarming finding that cybersecurity only accounts for an average of 5.7% of an organization’s IT spending is unacceptable in this day and age, especially when even industries that prioritize cybersecurity are still vulnerable. As AI and IoT become more prevalent, we must prepare for even greater risks and attacks. It is essential for companies to stay informed and proactive in securing their networks against these threats. [1]

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