The Modern Data Problem
We live in an age defined by the collection and retention of data. However, confidence in the integrity of data is of growing concern. We do not have to look far to see reports of data breaches, fraud, system outages/crashes and/or the lack of visibility and transparency of data. Over the past 10 years, there have been over300 major data breaches. Some examples include:
- In 2016, 3 billion Yahoo accounts were hacked.
- In 2016, hackers stole information of over 57 million Uber riders and drivers.
- In 2017, 412 million user accounts were stolen from Friend finder’s sites.
- In 2018, Marriott International data breach affected roughly 500 million guests.
- In 2019, First American Financial Corp. had 885 million records exposed online including bank transactions, social security numbers and more.
- In 2019, Facebook had 540 million user records exposed on the Amazon cloudserver.
- Data breaches exposed 4.1 billion records in the first six months of 2019.
- As of 2019, cyber-attacks were considered among the top five risks to global stability.
Damage related to cybercrime is projected to hit $6 trillion annually by 2021. It is no surprise then that Gartner predicts that, by 2022, cyber security ratings will become as important as credit ratings when assessing the risk of existing and new business relationships.
A large part of the problem is the delivery of data into a tangled web of systems and third-party organizations. Increasingly it is becoming more difficult to know where data is and what it is doing. This in turn renders the compliance and auditing of data a near impossible task.
We believe a significant part of the problem stems from organisational dependency on third parties who host and run software and networks, and the network/software/database administrators who manage it on their behalf. As cloud becomes the business norm, consumers rely on cloud providers to provide management services, to secure data, make data available, control data access and ensure compliance.
Dependency on third parties to store and secure data is clearly far from ideal.
But what other choice is there?
The bits-core Solution
Our unique technology enables organisations to deploy decentralised autonomous networks for applications which drastically increase the security, availability and transparency of the network.
In a bits-core cluster application data is encrypted, fragmented and spread across devices in the network. In the event that a server, or multiple servers are compromised by a malicious third-party, no server stores sufficient information to allow the data to be reconstituted or accessed in a meaningful way. And should an individual server or part of the network fail, your data will be securely restored by the remaining servers.
Every network event from logins, data downloads, data sharing and administrative changes are immutably logged in our high-performance blockchain back-end. Our first major cyber security product, BitSync, uses this engine to power a distributed file sharing network and storage system providing full visibility of every time a user interacts with any hosted file. We have also developed solutions for privileged access management, password management and SIEM-style services.