It has never been more challenging for businesses and government organizations to secure their data. In this digital age, data –whether at rest or in motion–is the gold that cybercriminals will go to extreme lengths to steal. Organizations continue to increase their cybersecurity investments to protect their data and that of their customers, but are they investing in solid strategies that keep them ahead of cybercriminal innovation?
Organizations around the world experienced almost twice the number of attacks in 2017 as they did in 2016, based on research from Cybersecurity Ventures. The same research predicts that spending on cybersecurity will exceed $1 trillion from 2017 to 2021, this level of spending reveals that businesses are willing to pay a premium to protect their organizations from the damage to brand equity and potential insolvency that a cyber-attack can cause.
With the rate at which attacks are growing, the nature of current cybersecurity strategies leads organizations to put their digital assets in further jeopardy. Organizations today are using data centers, but in doing so, they run the risk of exposing high-value, highly sensitive data to bad actors, not to mention the challenges associated with jurisdictional hazards in certain regions of the world. Organizations of all sizes are subject to the vulnerability of the public internet and a global, disparate network infrastructure.
Such is the case with blockchain-based cryptocurrency. Though the technology behind blockchain is very secure, hackers have already pulled off cryptocurrency heists that have left online vaults empty. As the world has migrated to cloud services, it is becoming clear that the time is now for a paradigm shift in how to store and access high-value data such as digital currency.
Cryptocurrency owners and exchange operators understand the need for an alternative, secure storage and transport solution. What if there was a way to bypass the terrestrial network infrastructure entirely to mitigate exposure and secure digital assets?
This alternative solution is needed for at least two reasons:
- Network vulnerability – Today’s cloud services run across both public and private networks using cybersecurity solutions that are not robust enough to stay ahead of continuously evolving cybersecurity threats. Cryptocurrency is being targeted and stolen through unauthorized access to computers, passwords and cloud storage on public and private networks.
- Risk by region – There are jurisdictional risks associated with moving and storing an organization’s data, especially when it has regularly been replicated or backed up to an undesirable jurisdiction at a cloud service provider’s data center. As a result, companies have had to operate separate data centers in each jurisdiction –financially prohibitive for many small and medium-sized businesses.
Creating the ultimate air gap
An independent cloud infrastructure platform, created via a space-based global network, would provide great benefit to cryptocurrency asset owners and exchange operators. The platform would entirely isolate and protect sensitive data from the vulnerable global terrestrial network infrastructure. Blockchain technology already provides an immutable record of transactions, and storing that transaction data in space would provide the final layer of impenetrable security. Since this data never traverses the terrestrial network infrastructure, an ultimate “air gap security” or “Space Gap” would be created to offer unprecedented data security.
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Data vaults with no exposure to terrestrial networks would create a truly secure “cloud” storage. This would result in the ultimate cold wallet vault. Its architecture would be transformational for the storage of data, greatly mitigating the risk of cyberattack and jurisdictional exposures.
For organizations in search of solutions to provide physical protection of their currency and that of their customers, this space-based solution would serve as a key market differentiator. This is because such a solution would need to include its own seamless, global terrestrial network infrastructure to be entirely secure. It is infeasible for an enterprise organization to build and maintain a global, seamless terrestrial network for either their internal enterprise connectivity, business operations, or communications and transactions. But it need not be the case if properly architected as a space-based storage platform and global network.
It won’t be long until enterprises of all types will turn to satellites for secure storage of their sensitive data. It only makes sense that cryptocurrency companies would do the same for their digital currency assets.
Change is on the horizon
The number of data records exposed by breaches surpassed 2.5 billion last year, and $1.1bn in cryptocurrency was stolen in the first half of this year alone. Clearly, traditional cybersecurity measures are inadequate, leaving online cryptocurrency vaults vulnerable. Organizations across the board are looking for alternatives to their terrestrial infrastructure and cloud storage services. Space-based storage would provide the ultimate cold wallet vault for isolating and securing high-value data.