Data breach is a threat that concerns organizations worldwide across all industries. Recognizing the substantial costs of cyberattacks on enterprises and aiming to address this issue, Certihash and IBM Consulting formed a partnership to develop Sentinel Node, a cybersecurity detection tool powered by blockchain technology.
The tool was first presented at the BSV Global Blockchain Convention in Dubai, an event that aims to increase awareness of the potential and expansive applications that can be built on the BSV Blockchain.
Co-founder Gregory Ward introduces Certihash as “the world’s first blockchain-powered cybersecurity solution based on the National Institute of Science and Technology’s cybersecurity framework.” In collaboration with IBM, Certihash proudly offers a “more robust system” compared to what is being offered by existing legacy cybersecurity platforms.
Ward describes Sentinel Node as a “next generation cyber security detection tool that is able to mitigate the overall time to identify a data breach from the average of 212 days to near-instant, significantly reducing the lifecycle and total cost of a cyberattack.”
According to the “Cost of a Data Breach Report” by IBM, identifying a network breach takes an average of 212 days while containing it takes an average of 75 days. The total time of 287 days in 2017 has since increased by 30 days.
Moreover, in investigating 537 security breaches in 17 countries, the cost of data breaches increases annually, from $3.86 million in 2020 to $4.24 million in 2021. The United States has the highest average total cost at $9 million.
In light of the said report, it is then evident that cybersecurity is no longer limited to prevention but should likewise involve detection at the earliest time possible. Thus, Sentinel Node represents Certihash’s novel means to accomplish real-time detection of anomalies within the network.
As already established in past conferences, blockchain technology goes beyond cryptocurrency and trading as it is also utilized to solve various key problems in the business and technology sectors. For instance, immutable ledgers lower the opportunity, not only for data corruption, but for cyber theft, as well. In this regard, it has become an ideal choice for other applications and tools on an enterprise level.
According to IBM Consulting Blockchain Solution Expert Patryk Walaszczyk, BSV’s “massive scaling power,” which allows for reasonably low fees, is one of their reasons for utilizing the technology. They consider BSV as an “enterprise-grade-ready blockchain which offers a secure platform with developers to build the new solutions upon.”
IBM Consulting also has other reasons for choosing BSV, Walaszczyk said, such as how corporate clients favor predictability and control, the suitability of decentralized applications in meeting enterprise clients’ needs and as an “unbounded public blockchain” capable of unlocking the true value of web3.
BSV, according to Ward, covers every aspect of the five principles within the NIST cybersecurity framework: Identification, Protection, Detection, Response and Recovery. Nevertheless, Sentinel Node shall focus on detection as it is what they deemed to be the most important in mitigating the time required to reduce the lifecycle, and ultimately, the total cost of cyber-attacks.
Sentinel Node guarding a network is very important due to the tendency of hackers to cover their tracks when they enter to maliciously attack a network. This tool detects and tracks every change in any file and log, then records it on the blockchain, continuously comparing a system’s organization which allows it to immediately recognize the occurrence of any modification and data breach.
When it comes to enterprise network security, time is of the essence as the cost of data breach escalates with each passing day. With solid partnerships such as those of Certihash and IBM in developing blockchain tools to enhance cybersecurity, the future of network security is extremely promising.