Blockchain and Cybersecurity
Blockchain is gaining traction today, but critics who question the scalability, security, and sustainability of the technology remain. Deloitte member firms across the globe are continuing to collaborate to build blockchain capabilities to develop world class solutions and services for clients.
The collaborative point of view from Deloitte member firms across the globe , "Blockchain and Cybersecurity. Let's Discuss", assesses specifically the security of blockchain technology.
The global point of view reviews and addresses:
- Blockchain’s current level of security from a system and data perspective for both public and private ledgers
- Uses the CIA triad model, composed of three areas: confidentiality, integrity and availability to assess the current level of maturity of the technology
- The importance of Authentication, Authorization and Audit (AAA), and Non Repudiation, as fundamental security aspects for protecting information and designing / managing new systems and networks is also addressed.
The point of view also illustrates how the technology can provide increased security value in regards to current implementations as, for example and not limited to, DDoS attacks, data tampering
No cyber defense or information system can be regarded as 100 % secure. What is deemed safe today won’t be tomorrow given the lucrative nature of cybercrime and the criminal’s ingenuity to seek new methods of attack.
Although some of blockchains underlying capabilities provide data confidentiality, integrity and availability, just like other systems, cyber security controls and standards need to be adopted for organizations using blockchains within their technical infrastructure in order to protect their organizations from external attacks.