As technology continues to advance, the issue of cybersecurity becomes more crucial for companies. This is due to increased fraud and data theft going on the internet.
As a result, the CEO of PolySwarm firm, Steve Bassi, has called on firms to embrace blockchain technology for improved cybersecurity.
PolySwarm’s CEO Highlights The Need For Blockchain
In 2022, hackers attacked several companies and platforms, looting millions of dollars. Recently, a hacker gained access to the information of over one million Chinese citizens.
Meanwhile, Bassi said more companies are becoming aware of the benefits of blockchain tech. Unfortunately, the usage of blockchain technology in cybersecurity is far below average.
Most companies and institutions are yet to employ blockchain in their security protocols. He stated that:
“In the past five years, awareness about crypto and cybersecurity have skyrocketed. This is different from how things were when I was pursuing my career.”
According to the CEO, several cybersecurity initiatives are finding it hard to embrace blockchain. They have not yet figured out to introduce it into the cybersecurity space.
As a result, Bassi stated that his firm decided to come in to bridge the gap. The firm developed a project on how to use blockchain to increase security.
Bassi added that gathering complete malware data helps to reduce the timeframe of malware campaigns. Also, it safeguards customers of PolySwarm and the web at large.
PolySwarm Rewards Users For Gathering Malware Data
Besides, the entrepreneur drew inspiration from the Brave browser, which has made progress. According to him, antivirus firms now acknowledge the benefits of gathering malware infrastructure.
However, these companies do not compensate users who help them to gather this information. Meanwhile, PolySwarm rewards users that provide malware data to the company.
Furthermore, the entrepreneur was asked about gathering data by web2 firms. Several web2 firms like Facebook and Google had come under fire for collecting data. However, Bassi assured internet users that Web3 companies are different.
Last month, a cybersecurity company, Octagon Network, joined the BTC trend. The company converted the funds in its balance sheet into Bitcoin.
Also, the company started accepting Bitcoin as payment for its services. It even went ahead to include a discount of 50% for BTC payments.
The same month, a research group, Atlantic Council, issued a report on CBDC. The report highlighted the issue of cybersecurity in using CBDCs. Some of the risks identified include privacy concerns and omissions of regulations for CBDCs.