FACEBOOK HACK, THE LATEST SIGN THAT BUSINESS NEEDS TO SHIFT TO BLOCKCHAIN
The news last week that hackers gained control of 50 million accounts on Facebook before Facebook discovered the breach is alarming, but the size of the attack doesn’t even earn Dishonorable Mention in the Hacking Hall of Fame.
It is just the latest example of the dangers inherent when information is kept in a central database. And why Aeryus, the first complete payment solution for digital currencies, is getting attention.
Previous companies caught napping when it comes to security are as well known as eBay and Equifax, and include behind the scenes players like Heartland Payment Systems. Many have experienced attacks that blow these latest Facebook numbers out of the water. eBay’s exposure in 2014 put “all users” at risk when hackers used the identity of three employees to stay in the system for 229 days. It affected 145 million users. In 2017, at Equifax, the credit reporting company, 143 million consumer accounts coughed up personal information, and in some cases credit card data. Heartland, which processes 100 million transactions a month for 175 million merchants, was hit by hackers who gained access to 134 million credit cards.
It reaches even higher. When Yahoo was being sold, it revealed that as many as three million accounts were compromised over 2013 and 2014, and in addition to personal data, the hackers got answers to some users’ security questions. This is especially alarming as many sites employ similar lists of questions, and hackers often triangulate the information they learn from one site to help them penetrate another. Needless to say, Yahoo’s purchase price took a giant hit for the vulnerability.
Security is one of the big reasons the business community and finance companies are looking at blockchain projects for answers. Aeryus is an example of how this problem could disappear for financial transactions.
Because in blockchain there is no central database, there is really no bulls-eye to target. In a blockchain system, all the details of a transaction are distributed widely, which guarantees transparency and authenticity. The specific, identifiable data is encrypted and accessible only by the parties to the transaction. No one else sees it. It isn’t stored anywhere public. And even if you get that information, it’s worthless without all the other bits controlled by all those individual users.
The Aeryus innovations go even further. Aeryus’s suite of services includes Aeryus FirewallAI, which learned your spending habits, predicts your future use, and blocks fraud before it occurs.
Ultimately more and more businesses will shift to blockchain — for contracts, for record-keeping, for payments — because of the inherent security advances over traditional methods. And maybe we will close the doors to the Hacking Hall of Fame forever. #cybersecurity #blockchain #Hacking #Facebook #FacebookHack #FacebookBreach #ebay #equifax #dataprotection
Learn more about Aeryus by visiting their website www.Aeryus.io and joining their social media channels:
