On April 7th, Modex took part at Smart Future: Romania 2030, a virtual event organized by start-up.ro. In the panel “Security, privacy and a connected world”, Alin Iftemi, CBO and Co-founder Modex, spoke together with Cristian Herghelegiu – CEO Dendrio, and Bogdan Botezatu – Director of threat Research and Reporting Bitdefender, about cybersecurity, the advantages of blockchain technology and what can be done to achieve a better, more efficient protection against cyber attacks.

In 2020, the number of ransomware attacks increased 400% compared to 2019, while the attacks on mobile devices grew with 35% compared to the previous year. Given that many worked (and are still working) from home, they became the favourite targets of attackers, given that the security of a home network is weaker than the security offered by a company’s office network. We’ve also learned that increased attacks took place on the end-points found at home (smartphones, laptops, tablets), and that half of the routers on the market have at least one security vulnerability. Also in 2020, hospitals were often attacked by hackers who tried to gain access to medical files and data.

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Cybercrime has become more sophisticated

Commenting on this background, Alin Iftemi said: “As the social paradigm changed during the pandemic – moving from working at the office to working from home – it obviously led to a huge increase in the number of data processed by companies and a significant change in the cybersecurity space. The classic, centralized defence mechanisms were overloaded, offering more and more vulnerabilities for cyber attacks. Cybercrime is on the rise and has become even more sophisticated, and things could evolve even further as the digitalization advances. An ENISA report at the end of 2020 showed that malware programs took the number one spot when it comes to threats, but we’ve also seen an important increase with ransomware, phishing or identity theft.”     

The technology developed by Modex, an additional security layer

Alin also illustrated how Modex’s technology acts as an additional security layer in the case of such malicious attacks. “Our Blockchain Database (BCDB) solution offers increased security and the possibility of a real-time back-up for our customers and their clients. Just imagine how a hospital targeted by a ransomware attack could reboot its database immediately, and a series of sensitive data and info could be recovered and protected at once, until the complete stop of the attack. Of course, this is a hypotetical use-case for Modex BCDB, a solution also suitable for a bank’s database or the database of a company for which client data is paramount. Another major advantage of Modex’s technology: it can connect to existing systems and infrastructures to enhance their security thanks to the blockchain component.

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Blockchain, the right solution for an increasing number of companies

Modex’s CBO added: “Although we are far from reaching its true potential, blockchain technology becomes a viable option – on a global scale – for more and more managers and network administrators. We’re seeing an increased interest for this technology also in Romania, even more so amongst the country’s public institutions, as the European Union rolls out blockchain technology implementation programs for public administrations in each of the member states.”

“We’ve been in this industry for several years and we can see some changes. Initially, people were associating blockchain with cryptocurrencies, but now things are different. IT professionals understand the wide applicability of this technology and the changes for the better that it brings. At the same time, the adoption and infrastructure costs have gone down significantly thanks to the software solutions like Modex BCDB. We, at Modex, are currently developing a series of products and services which allow the integration of blockchain with other emerging technologies. I believe that the interoperability and interconnectivity between technologies will define the future, representing a key-element in the development of start-ups over the coming years.”