Blockchain is a giant public ledger of information that maintains value-exchange transactions in a sequence, grouped into blocks. Each block is connected and immutably recorded as a peer-to-peer network.
In this article at MSN, Alison DeNisco Rayome explains blockchain as a complex technology that offers multiple benefits like integrity, immutability, resilience, and trust. It is a real source of truth.
Blockchain Security Model
Being the most credible source of truth, blockchain is not resistant to cyber attacks or fraud. According to recent Gartner reports, by 2020, at least one disastrous susceptibility is expected to disrupt a key blockchain platform, causing substantial damage to the IT industry. Especially for those firms who are investing maximum effort in marketing and pressing their blockchain initiatives.
The CIOs and CISOs will be held responsible for the damage. With the help of the Gartner blockchain security model, CIOs can manage blockchain risks across three layers of the organization. These layers include business logic layers, identity, and access management (IAM) process layers, and tech and IT layers. Here are some other references for CIOs to ensure and maintain blockchain security:
- By separating governance and accountability concerns from blockchain technology, the CIOs can manage to save enough data from a security breach.
- Basics of information security like protect, detect, respond, predict, and act are the best approaches to maintain the security of blockchain systems, and remain acquainted of it.
- Identify, scope, and manage the business and technical risks by leveraging on blockchain model.
- Evaluate incident response plans and execute them to address critical security events in the lifespan of the blockchain.
By harnessing strength to the blockchain, data breaches may become a deception. In the digital arena, where people are efficient in controlling their data and personal transactions, blockchain may become a revolution for digital transactions. Click on the following link to read the original article: https://www.msn.com/en-us/finance/news/how-cios-can-manage-blockchain-security-4-tips/ar-BBPDjb1