In a digitized economy, companies face the constant challenge of protecting their data against cyber threats. Attacks are becoming increasingly complex due to sophisticated malware and the rise of professional hackers. iboss notes that public awareness of cyber security is also increasing due to highly publicized incidents of personal data being compromised or stolen. In September 2017, a widely-reported data breach involving 143 million customers from credit reporting firm Equifax resulted in a 35% drop in company stock price within one week. More importantly, the announcement damaged, perhaps permanently, Equifax's credibility in delivering services to its clients. Cisco's 2017 Annual Cybersecurity Report revealed that 20% of organizations experienced significant data breaches in the previous year. The fallout from cyber security incidents are extremely damaging, potentially exposing a firm to legal challenges, government investigation, and market devaluation.
The development of blockchain technology allows companies to leverage a decentralized, distributed ledger at lower capital costs to increase corporate security. Data on customer identity and verification is encrypted and dispersed across the blockchain, making it nearly impossible for hackers to alter records. Removing human error from identity authentication is also of high value to e-commerce companies (as well as governments) and eliminates a key area of risk exposure to malicious cyberattacks. Organizations are able to verify users and devices without passwords, which can be lost or stolen. Furthermore, commercial disputes could be more easily resolved with a dependable record between counterparties.
The high reliability of a transparent ledger of transactions maintained by peer-to-peer technology can decrease the upfront investment that a firm should make in cyber security. In 2017, a global management consulting firm, Accenture, estimated that blockchain technology could reduce the infrastructure costs for the world's largest investment banks by $8-12 billion dollars annually. In an industry where a large volume of transactions occur on a daily basis, using the blockchain was estimated to have maximum impact on the complex regulatory reporting requirements, and reducing the cost of reconciliation processes.
Distributed ledgers address many of the weaknesses found in conventional digital security systems. Instead of a centralized database of information that must be guarded against physical and virtual threats, the blockchain implements an end-to-end approach that accounts for identity, infrastructure, and business security. As the technology scales up, associated software like smart contracts will become increasingly sophisticated, according to iboss. With market value rising to $20 billion by 2024, blockchain technology is positioned to change established business models in all sectors of the global economy.
Architected for the cloud, iboss' Secure Web Gateway platform provides an elastic, architecture that provides security through the cloud to secure any user, location or device regardless of where its located while eliminating the cost and latency associated with appliances. Backed by over 100 patents, the groundbreaking technology protects over 4,000 organizations worldwide, making iboss one of the fastest-growing cyber security companies in the world.