At a time when cyber players increased in sophistication and frequency, companies continue to count on obsolete cybersecurity models could just as well hide their keys from home under the doormat and be open to intrusion.
Although traditional cybersecurity measures based on the perimeter and authentication methods based on the rules may have cut them in the past to prevent cybercriminals and keep sensitive data, many historical solutions today have trouble To keep up the pace of persistent threats (APT) advanced (APTS). and a new wave of fraud tactics powered by artificial intelligence (AI).
However, the convergence of blockchain technology, digital identity solutions and AI assisted cybersecurity emerges as a potentially robust approach to protect sensitive data, prevent fraud and ensure compliance.
By taking advantage of the decentralized registers for identity and security management protocols, organizations are authorized to rethink traditional cybersecurity executives and to mitigate the risks associated with centralized data storage, identity theft and unauthorized access.
Find out more: Pirates do not need keys if companies leave cyber-door open
The future of business security is decentralized and resilient
Companies operate today in a high -risk digital environment where cyber attacks are not only frequent, but can also be financially and in a deemed manner.
As Pymnts covered it, among the most damaging violations in 2024, there was the attack on the change in healthcare ransomware which led to billions of losses, in defenses raped to the history of control of the history, National public data which led to stolen information of 2.9 billion individuals, as well as the violation of snowflake data has made a snowball to include AT&T, Santander Bank, Advance Auto Parts, ticketmaster Parent Company Livenation and more than 160 of the largest companies in the world.
A large part of this vulnerability of the ecosystem can come from centralized identity management and access systems (IAM), which are based on passwords, authentication with a single factor and large databases user identification. Even with traditional multi-factor authentication (MFA) and security fixes, phishing attacks, diploma farce and initiate threats continue to expose businesses at significant risks.
To fight against these vulnerabilities, identity solutions based on blockchain can help provide a decentralized and essentially excited approach to security.
Blockchain -based digital identity systems allow users to own and control their identity identification information using cryptographic keys. Instead of relying on the database of a company to verify an identity, the blockchain stores chopped identity records on a large distributed book, allowing verification without exposing sensitive information.
Companies like Microsoft and IBM also pilots decentralized identity solutions for access to the secure company.
“It is essentially a contradictory game; Criminals are there to earn money and the (commercial) community must reduce this activity. What is different now is that the two parties are armed with really impressive technology, “said Michael Shearer, Director of Hawk solutions, in Pymnts.
Learn more: Digital identity becomes a new currency as companies transform IDs into payment references
What holds businesses?
The increasingly interconnected supply chains, companies must safely check suppliers, partners and third -party access. Identity identity information based on blockchain can guarantee that only suppliers, entrepreneurs and logistics companies access critical systems, attenuating third -party risks and preventing cyberattacks from the supply chain.
As zero confidence safety models gain traction, identity solutions based on blockchain provide a critical authentication and verification layer, reducing dependence on vulnerable passwords and centralized databases.
“With the world in which we live, digital identities are used more and more than physical driving licenses or physical passports,” said Erika Dietrich, vice-president, global services for the prevention of fraud at ACI Worldwide to deploy cyberfense strategies that can not only detect and prevent fraud, but also allow them to authenticate and verify the digital identities of consumers in real time, to protect against taking, while integrating in a way transparent any update of their account. “”
However, despite the promise of digital identity focused on blockchain, a generalized business adoption faces several obstacles to the complexity of integration, regulatory uncertainty, adoption and education of users and scalability.
Blockchain -based identity solutions must integrate into the inherited IT infrastructure, which can be difficult for large companies, while employees and customers can withstand new authentication models, requiring education and Integration of in -depth users.
And while frameworks like eidas 2.0 and gdpr support digital identity innovation, there is still a lack of uniform global regulations, and public blockchains can strggle with transaction throughput, which may hinder real-time identity verification for high-volume Enterprises Should they Decide Not to Count on a private blockchain.
The 29 -page report of Pymnts Intelligence, “Leverage of AI and ML to thwart the crooks”, a collaboration with Hawk, contains eight graphics of proprietary data examining the role of automatic learning and AI for prevent fraudsters from getting there.
