Security has become one of the major concerns of blockchain and crypto with the advancements in technology. One of the major promises made by blockchain with its advent was that of security, but with the recent attacks on various exchanges and crypto blockchains (51% attack on ETC) have raised the concerns of institutions, SEC and other investors. The problem of ETFs and regulations is being dragged due to these concerns of malicious activities in blockchain and crypto. The SEC has been pretty skeptical about the provision of an ETF for BTC due to the fraudulent and manipulative activities going on in the crypto space, which pinpoints the importance of security of blockchain.
Doug Wick’s predictions for Cybersecurity in 2019:
BlockPublisher recently got in touch with the VP of products at ALTR who comprehensively explained his predictions related to cybersecurity of blockchain in 2019.
According to Doug:
Cybersecurity spending will increase in 2019, while breaches will continue to rise as well. A lot of funding will continue to flow into security strategies that are becoming less and less effective. In a world where physical network boundaries are melting away, many organizations will remain determined to defend them. Others will continue to focus on reactive solutions where detection and response are the emphasis, over proactive solutions which focus on prevention and hardening.
The share of breaches with an insider element will grow. Currently 50-70% of breaches originate from an accidental or intentional action by someone who has network access, depending on which study you read. That number will increase as bad actors find new ways to target the humans that are part of the network. IT organizations and software providers have been focusing more and more on designing security into their technologies, which has made humans the softer target.
Security teams will continue to rely on outside help not only to maintain their solutions, but to consider new ones. The talent shortfall in cybersecurity continues and even grows, forcing security teams to look for outside help from service and technology providers. The difficulty this can create is lock-in into specific providers and their perspectives on what makes a worthwhile investment and what doesn’t, contributing to growth in spending and making rationalization and innovation difficult.