In a society where data has become the cornerstone which supports and fuels business interactions, data protection has cemented itself as a critical component that safeguards the interests of companies which operate and process large amounts of data. As the data pool of a company expands in size and scope, the challenges faced by Chief Information Security Officers also multiply. Success in a business venture is quantified by the growth of a company’s system. The problem is that larger systems are more complex and difficult to manage, presenting numerous entry points which can be exploited.
In this context, data loss prevention has emerged as a strategy focused on ensuring a company’s tolerance to data loss and data leaks. Data loss occurs when a company loses access to sensitive data that may compromise operations. In general, data loss can be the result of a hardware failure, human error or malware attack. Regardless of the cause, a data loss can have dire consequences for a company which translates into financial losses, the creation of bottlenecks, and diminished client trust.
To reduce incidences of data loss, companies usually enforce strict internal policies concerning data management, third party data access control software, and complex cryptographic algorithms that act as a last line of defense. Data loss prevention solutions are implemented across the following areas:
storage based – implementing access permission mechanisms and encryption to protect data at rest;
- network based – to ensure the protection of data in motion certain data filters, restrictions and encryption is implemented to make sure that sensitive data isn’t hijacked during transit;
- end-point based – monitoring of data transfers through social media channels, saving to unauthorized external storage, blocking activities that may pose a security threat through strict access policies and strong authentication mechanisms.
Modex BCDB is a middleware software solution which can be used to supplement established data loss prevention mechanisms. By connecting an existing software application to a blockchain back-end, Modex BCDB can ensure confidentiality, integrity, and availability of databases. Through Modex BCDB, companies can move from a centralized model to a decentralized, distributed model, secured by complex encryption and hashing algorithms. In addition, the Modex solution comes with in-built customizable data access mechanisms and a separate blockchain authorization network which stores user credentials and passwords to create an ecosystem inherently resistant to data loss.