BUSINESS 28 APRIL 2022
Certihash and IBM to reduce costs and impact of cyberattacks with new BSV blockchain tools
A new BSV blockchain-based service promises to reduce both the costs and time associated with cyberattacks. “Sentinel Node,” the first offering from Certihash, is being developed in association with IBM Consulting with plans to deploy in industries where network and data security matter most.
Certihash co-creator Bryan Daugherty said that data security breaches are occurring with greater intensity and frequency, and the time required to detect and contain their fallout is becoming ever longer. A report from Ponemon titled “Cost of a Data Breach,” sponsored by IBM, said it takes 287 days on average to handle a breach—including 212 days to identify the issue and 75 days to contain the damage.
Along with time, the cost of dealing with data breaches has increased. The report found the average grew from US$3.86 million in 2020 to $4.24 in 2021, studying 537 real-world breaches in 17 countries. Average costs were even higher in the United States, reaching over $9 million.
Certihash chose to work with IBM Consulting, given the latter’s experience in blockchain technology and decentralized applications for enterprise. IBM will use a proven network design framework to build a BSV blockchain-based, state-of-the-art cybersecurity infrastructure that leverages BSV’s advantages to drastically cut the above timeframes and expenses.
The product of two years’ work behind the scenes, Sentinel Node is the first of five enterprise utility tools Certihash plans to launch. The tools are based on cybersecurity frameworks laid out by the National Institute of Standards and Technology (NIST).
Technology struggling to keep up with attacks
“Over the last decade, technology has struggled to effectively prevent and consistently detect cybersecurity breaches,” Daugherty said.
“‘Sentinel Node,’ which is the first of five planned Certihash releases, represents our innovative solution for real-time detection of network anomalies and events. Cybersecurity is no longer about prevention alone, it is about detection at the earliest possible moment,” he added.
As cyberattacks have become more frequent and sophisticated, technological systems have had trouble keeping up with efforts to prevent them. This means that speed in detecting and containing breaches is becoming as important as prevention efforts.
The group plans to launch an MVP for Sentinel Node in Q3 of 2022. The tool will create a central, unalterable log of access attempts and automate threat detection and response. It monitors the network and files integrity for anomalies and events in real-time, alongside overall network health and performance through a “single pane of glass” (SPOG) interface.
Large-scale processing and recording only possible on BSV
The system uses BSV’s data processing structure to maintain an audit trail of all events and actions, with tools included for compliance reporting and production of actionable cyber threat intelligence for investigation, forensics, and response.
Co-creator Greg Ward added that bad actors constantly try to hide evidence of their actions to avoid detection. Certihash’s Sentinel Node will guard over the system to record all events and alert sysadmins of any abnormal behavior.
Written on BSV’s high-capacity and scalable blockchain, the information will be immutable and secured by proof of work (PoW) data processing. Ward added:
“By combining the critical information security of a proof of work consensus protocol, with the sustainable scaling capabilities, BSV blockchain, the protocol behind Certihash Sentinel Node, enables a foundation for connected systems that can help to make better, real-time decisions, increase the efficiency of energy usage, and improve the overall quality of life.”
Blockchain technology can greatly reduce time and costs across multiple data-reliant industries. As the only PoW blockchain with the ability to scale to global proportions, BSV is the best choice for decentralized applications that must run reliably and affordably, free from the congestion and usage fee volatility that has hindered blockchain adoption in the past.
Lauren empowers businesses to find efficiencies and value through the use of sustainable blockchain technologies.
With a Master’s Degree in Business Administration, as well as experiences fine-tuned through collegiate and professional collaboration, Lauren is passionate to lead teams towards global success.