Cyber security is a growing concern among individual users and enterprises these days. State-sponsored hacking attempts are becoming more common, and there seems to be no improvement in sight. Blockchain technology could alleviate a lot of concerns, due to its decentralized and distributed nature.
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Mainly the financial system seems vulnerable to these types of cyber attacks. Iranian hackers attacked dozens of banks between 2011 and 2013. In doing so, they interfered with customers’ ability to access their funds and balances. Web sites were shut down or severely crippled in the process as well.
Modernization Has Its Drawbacks
But what makes these threats even more disconcerting is how hackers seem to gain access to critical systems repeatedly. A lot of control systems are connected to the Internet, even though there is not always a good reason for that. Moreover, given the outdated nature of those systems, there are multiple attack vectors hackers could exploit.
Online breaches go much further than e-commerce platforms being affected. Our society has come to rely on computer-driven systems and fail safes. But not all of these devices are