Why blue-chip companies are turning to the blockchain for Cybersecurity

Large corporates are utilising blockchain technologies to remove the ‘central point of failure’ conundrum

One of the world’s largest suppliers to the steel industry has announced its decision to utilise blockchain technology in an attempt further secure its data networks. Metals supplier Danieli is the latest company that joins IBMDeutsche BankHSBCCitigroupBarclays and Bank of America Merril Lynch who are all contending with the benefits that the blockchain could have to secure their operations.

An IBM report found that that the cost of an average data breach exceeds €3m, rising above €300m for ‘mega’ breaches (where 1 million to 50 million records are lost). Blue-chip companies are experimenting with new technologies to help fend off the latest cyber attacks.

Blockchain aims to remove the ‘central point of failure’ dilemma during cyber intrusions. It effectively distributes data, network, servers and files across millions of different ‘blocks.’ The blockchain computers (or nodes) must confirm and record any change to a system, removing a single entry point for cyber criminals.

To that measure, Danieli, will deploy blockchain cybersecurity measures upon the networks of its customers and employees. Danieli is a top three provider of equipment and plants to the metal industry worldwide, boasting revenues of €2.49bn in 2016/17 and employing 10,000 people worldwide.

Alexander Stewart, Executive Vice President ICT at Danieli, said in a statement:

“At Danieli, we pride ourselves on the quality of our materials, processes and people, which enables us to continue delivering a world-leading service. Cybersecurity is a major part of this and we are currently investing significantly into ongoing company-wide security operations to make our company safer.”

For their programme, Danieli has turned to blockchain-based cybersecurity platform Naoris. Naoris’ cybersecurity platform, Naoris SE (Security Ecosystem), uses AI and blockchain technologies to place cyber alert results onto an immutable ledger where they become accessible and independently auditable.

For a threat actor to be successful in such an environment, it would have to hit the potentially massive immutable blockchain network all at once. This eliminates weak central point of failures, so that while traditionally networks become weaker as more devices are connected, Naoris’ solution allows networks to become exponentially more secure and agile as they expand.

Following an initial cybersecurity consultation, the companies have agreed to collaboratively implement blockchain-based cybersecurity solutions across part of Danieli’s data servers worldwide.

David Carvalho, founder and CEO of Naoris, added:

“Multi-national companies such as Danieli hold large amounts of records and sensitive data. With the sheer amount of devices on its networks and with the threat of hacking on the rise, traditional methods of cybersecurity need to evolve. Naoris SE is cryptographically agnostic to operating systems and proves subversive actions beyond doubt, creating immutable consensus on the source, timestamp and location of threats.”

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