What Enterprises Should Know
The Blockchain Ecosystem (crypto wallets, exchanges & blockchains) have become a lucrative target for hackers. They plague the technology by distributing monstrous malware with the sole intent of theft & disruption. Enterprise adoption of the technology is growing exponentially with the potential to reach across all industries. While businesses are creating and deploying their own permissioned blockchains, few ever notice the threats that are lurking just out of view, jeopardizing everything associated with that blockchain.
Even though blockchain technology is immutable, enterprises should know that access to the blockchain is not secure.
Another monster that many seem to underestimate are unsecure Wi-Fi networks. Many businesses have their own Wi-Fi networks, but most neglect to cover the basics, making it a security hazard. Accessing company information on the blockchain via an unsecured business network can allow hackers to slip their way in to steal sensitive information. Most routers come with a default router login and suggested username and passwords. Hackers can easily find the exact list on the internet. The service set identifier (SSID) also comes with a default name. Businesses prefer their Wi-Fi network to be searchable but the SSID should not display the model of the router; e.g. the name “NETGEARR19764” lets hackers know that the router is a Netgear Model. This provides them with relevant clues to hack into the Wi-Fi network.
Another bogeyman that businesses should be aware of is mining malware. Individual users aren’t the only targets for mining malware. According to Kaspersky Lab, PowerGhost, a fileless malware, targets corporate networks by inconspicuously launching itself on a single system on a network then spreading to other PCs and servers in the organization. As the mining malware spreads, it may end up on a new machine with user rights. When implementing blockchain technology, it is important that enterprises are aware of the existing demons on their network and the ones they could face once blockchain technology has been implemented.
Enterprises are looking to blockchain as the new, innovative technology that will grow their business. According to the International Data Corporation’s recent Blockchain Spending Guide, is predicted to steadily increase at an average rate of 75% every year over the next 5 years.
What enterprises need to understand is that there are vulnerabilities on the blockchain. Permissioned blockchains are deemed secure but they are vulnerable to attacks as well. Monsters on the blockchain can cost corporations millions of dollars if they are not aware of their existence. It is important to be proactive about security measures on the blockchain rather than react to an attack which can be costly.