Enhancing Cybersecurity with Bitcoin: Discover how Sentinel Node, powered by Bitcoin, revolutionises breach detection and response.
Cybersecurity has evolved into a challenging landscape where data breaches and cyber threats have become all too common. Notably, the digital currency and decentralised ledger network stood at the forefront of discussions, emphasising its involvement in a new suite of cybersecurity tools named Sentinel Node.
The Growing Need for Enhanced Cybersecurity
The emergence of complex cybersecurity threats has made the process of detecting and containing a data breach a significant challenge for organisations. According to IBM, it takes an average of 212 days to detect a network breach, almost seven months, during which hackers can access and exploit sensitive information. Following detection, containment measures require a further 75 days. This extended period not only poses a security risk but also allows the potential for greater financial and reputational damage.
The Increasing Cost of Data Breaches
The cost of a data breach has been increasing steadily. IBM’s reports show that the financial cost of each data breach rose from $3.86 million in 2020 to $4.24 million in 2021. However, financial implications are not the sole concern; the ripple effects extend to reputational and regulatory domains as well. A data breach can erode customer trust and tarnish a company’s reputation, which can be harder to recover from than financial losses. Regulatory penalties for breaches can also be substantial, further elevating the total cost.
Shift in Cybersecurity Focus: From Prevention to Detection
Traditionally, cybersecurity strategies focused on prevention, emphasising strong defences to keep threats at bay. However, with the advancement in technology and the sophistication of cybercriminals, breaches have become almost inevitable. Therefore, the cybersecurity paradigm is experiencing a shift. As highlighted by Gregory Ward from SmartLedger/Certihash, “Cybersecurity is no longer about prevention alone. It’s about detection.” This shift acknowledges the inevitability of breaches and emphasises rapid detection to minimise harm. The goal is to identify a breach quickly and respond effectively to mitigate damage, a strategy that Sentinel Node aims to significantly bolster.
Sentinel Node: A New Solution
Sentinel Node, developed by SmartLedger/Certihash in partnership with IBM, aims to revolutionise cybersecurity. This cutting-edge solution is the first to leverage the National Institute of Science and Technology’s (NIST) cybersecurity framework on a blockchain-powered system, the Bitcoin blockchain. The Sentinel Node technology promises a more efficient, swift, and robust response to data breaches compared to traditional systems.
The Potential of Bitcoin
Bitcoin brings several benefits to the table. It offers low transaction costs, considerable scalability, and a secure platform – key requirements for enterprises. Bitcoin is deemed an “enterprise-ready blockchain” capable of meeting the demands of large-scale operations. Despite this, many corporations harbour concerns about adopting blockchain technologies due to perceived risks around data privacy and the somewhat unfavourable reputation of the technology.
How Sentinel Node Works
The Sentinel Node aligns with the five principles of the NIST framework: Identify, Protect, Detect, Respond, and Recover. Here’s how the system incorporates these principles:
- Identify: Sentinel Node identifies each network entrance, file change, or log change.
- Protect: It protects data integrity by placing records of these actions on the Bitcoin blockchain.
- Detect: The system can detect data breaches by comparing an organisation’s records with the truthful record on the blockchain.
- Respond: Upon detection of a data breach or file modification, Sentinel Node immediately alerts the organisation.
- Recover: The organisation can then take necessary action to recover from the incident.
This strategy ensures that even the subtlest of unauthorised actions are detected and recorded, making it impossible for attackers to erase their tracks.
The Future of Cybersecurity with Bitcoin and IBM
From IBM’s perspective, the next step is to test Sentinel Node in a live environment to assess its performance, real costs, scalability, and market adoption. If successful, the collaboration between IBM and Certihash could extend further, including IBM promoting Sentinel Node to its customers and the expansion of Certihash’s cybersecurity product suite. IBM also sees potential in nurturing more partnerships within the broader Bitcoin ecosystem, leveraging its capabilities to enhance its suite of solutions.
The use of Bitcoin, especially through Sentinel Node, is a significant step forward in enhancing cybersecurity. As cyber threats continue to evolve, so must the tools we use to combat them. It is clear that the incorporation of blockchain technology, as seen with Bitcoin, is not just a viable solution but possibly the future of cybersecurity. As IBM and Certihash continue to advance Sentinel Node, we can expect to see an ever more secure digital landscape.