Today, the world is full of connected devices, and they continuously show new advancements every day. The connected devices or the IoT devices are creating new opportunities in businesses by collecting a huge amount of data on a daily basis and uploading them onto a cloud platform for further purposes of data managenemt and analytics. As the IoT devices and other AI technologies grow faster, cyber threats also increase simultaneously. On the other hand, blockchain has created disruptive changes in the field of online data security and privacy. Blockchain, as a distributed ledger technology, has reduced various risks, especially the financial risks.
The U.S. governor has signed California’s SB 327 on the date of 28th September 2018, as a first law for authorizing the Internet of Things or IoT device manufacturing security provisions. The law states that the IoT device manufacturers should provide reasonable security features such as unique programmed device passwords or embedding functions that create a more secure medium to the users before they access the device for the first time use.
Tech giants like Google, Microsoft, Apple, and Samsung are developing so many “smart” connected devices, which have efficient technological systems to quickly provide a solution for the security problems faced by the devices such as cybersecurity threats.
Most of the organizations today, which are using online platforms for business processes, are prone to cyberattacks at any point in time. Thus, the main challenge for these organizations is to keep themselves safe from cyberattacks and to keep their users safe by ensuring security for their shared data. Businesses are hence working hard to save their customers from all the vulnerabilities of high risk during the time of sharing their data or through hacking emails and messages.
In the finance industry, one of the most challenging tasks for the organizations is to ensure safety for the customers’ financial transactions online. The financial threats are hard to compromise with, and it can be highly risky to solve when an error or vulnerability occurs. However, the recent adoption of blockchain technology in different streams of business has provided more visibility and eases in business functions and has reduced various security risks, especially the cyberattacks. In a nutshell, security must be the fundamental requirement for any online technologies and software applications in today’s world.