3 Important Things
Blockchain is now mainstream, and business leaders across the board are actively finding out ways to incorporate the technology in their businesses. There is no doubt that upon implementation and installation, companies will reap the full benefits of blockchain. But an issue with security pulls us back.
The World Economic Forum (WEF) recognizes this fact. A new report suggests that indeed, blockchain security is a reason to worry.
But the worry hasn’t affected much of blockchain adoption. Studies are showing that adoption is increasing steadily. Gartner research specifically puts the new statistics at 3.3% from 1% in the past one year.
There is no doubt blockchain offers a myriad of security benefits including immutability, cryptography, decentralization, and transparency. The question on the minds of business leaders regards the technical approach to blockchain and how prone it is to attacks.
This piece tries and answers the questions about blockchain security and possible solutions as per the report by WEF. Below are three key factors as a business leader you should consider when it comes to securing the blockchain.
Security Is A Leadership Problem, Not A Technical One
In this digital age, more organizations are getting knowledgeable about cybersecurity. Many, however, lack a cybersecurity leader. Data from the WEF report shows that business leaders underestimate the importance of this function. Here is what you need to do;
Institute a leadership position in your firm and make sure they are empowered to make the necessary decisions and take appropriate actions. One of his most important functions is to effectively advocate the organization’s security needs when in conflict with the organization’s functional needs.
Learn the design principles for a better and informed interaction with your security leader. It puts you in a better position for stewarding the domain.
Developer’s Errors Expose Domain To Attacks
The WEF report also noted that while the attacker’s capabilities matter when it comes to sophisticated attacks, the ignorance of adequate security measures contributes significantly to exposing the organization to cyber-attacks.
It is recommended that developers are trained adequately on matters security. Basic comprehension of the principles of blockchain security like cryptography and how to implement the solutions could help in averting such situations.
Recognize that security essentials matters in as much as understanding the exotic novelties does. You will need to have a different mindset when assessing the loopholes in your technology that might expose you. Most importantly, you have to do this from an attacker’s perspective.
Attackers mostly exploit configurations and leverage blockchain
It has been found that attackers try to find human errors in the technology’s deployment rather than in blockchain itself. Leaders are advised to;
Examine and establish a threat model and understand the potential adversaries and why your system is worth exploiting. Also, try to estimate the type of skills they would have and resources necessary.
Try and ensure that your organization is well equipped with the necessary security talents and has the right specialists for your security mission.
Find an independent and third-party expert on security matters. You need an individual on an independent standpoint that is free from the political biases in your organization.
Successful security leadership is challenging but very much possible. If you can break down the challenges and components and build up a plan for the security challenges, you will find the whole venture easy.