The world’s first cybersecurity technology targeting protection at the Domain Name System (DNS) layer — the Global Chain of Trust (GCOT) — has been launched. Created to be the first line of defence for the Internet by Angel Redoble, Group Chief Information Security Officer at PLDT Group & Smart Communications, Chairman and Founding President of the Philippine Institute of Cyber Security Professionals (PICSPro), the GCOT was born out of the issues the Internet sphere is currently facing with cyberattacks worldwide, hacking, and the uncontrollable spread of child sexual exploitation . The GCOT will work in tandem with Internet Service Providers (ISPs) to secure the Internet for a reliable and safe use.
Cyberattacks have been rated the fifth top-rated risk in 2020, and it continues to be so in 2022. These attacks are expected to double by 2024. With the risk of detection (or prosecution) being as low as 0.05 percent in the US, this does not bode well for the future. Child exploitation cases have nearly doubled during the pandemic. Similarly, cybercrimes have become increasingly more sophisticated with leaks of sensitive government data occurring, threatening the national security of countries.
Securing the DNS Layer
With governments scrambling to protect their citizens against the rise of cyberattacks, coming up with a viable solution seems near impossible.
The GCOT offers a unique form of cybersecurity protection and solution to address the issues of phishing, scams, and illegitimate websites that are causing the vulnerable to suffer — especially those not versed with the intricacies of the internet.
On how the GCOT will transform the Internet, Sir Angel Redoble, Group Chief Information Security Officer at PLDT Group & Smart Communications, shared that the “GCOT will create a cleaner, safer, faster, and resilient cyberspace that will provide benefits not only to SMEs and Large Enterprises, but most importantly to the most vulnerable sector in our society, the individual, home users, and the children. Using a more secure DNS infrastructure, the idea itself will address the possibility of a major Internet outage if the current DNS infrastructure and communication process is compromised.”
The DNS is one of the foundations of the internet, working in the background to match the names of websites that people type into a search box with the corresponding IP address. In the Internet sphere today, there is no guardian of the internet DNS space to verify the legitimacy of websites.
The aim of the GCOT is to build an ecosystem in which it creates an internet bubble that is safer, trusted, and resilient for all. It enables ISPs to be able to protect their infrastructure and make security services affordable.
Consequences of the Pandemic on the Internet
INTERPOL’s first-ever Global Crime Trend report, saw more than 60 per cent of respondents ranks crimes such as money laundering, ransomware, phishing, and online scams as high or very high threats. This increase in concern comes as a result of a 600% increase in cybercrimes during the pandemic.
The rapid digitalisation during the pandemic as well as a sudden increase in user numbers has created a web of vulnerabilities for cybercriminals to extort. Experts predict that cybercrime will cost the world US$10.5 Trillion annually by 2025.
Towards A Secure Cyberspace
The Internet today is run solely on chaos with no single entity in control, leaving vulnerabilities in the open and multiple loopholes and gaps to be exploited. Through partnerships with telecoms and government services deploying the GCOT, ISPs will be able to safeguard the Internet — ensuring that trillions of dollars are not lost and securing against national security threats.