Cyber-attacks are getting more sophisticated targeting specifically government, manufacturing, healthcare and finance sectors. Hence this organization is moving to improve their cyber security by focusing on preventive and predictive breeches, for addressing the risk of attacks on brand, privacy, security, transparency, and regulations.
And accounting this, Israel security authority (ISA) in order to secure information transmission, authenticating any message and prevent fraud in the capital market, are looking to implement Blockchain technology in the system.
We are in the generation where data is new money, considering this, ISA is set to move onto the DLT bandwagon and recently declared to have successfully integrated Blockchain technology. In this way, the authority wants to secure its data from any data breach, the underlying technology of bitcoin into its Yael system (a system used to transfer information to the bodies under the regulation). Where the immutability feature of Blockchain network can be utilized to ensure cybersecurity and check existing loopholes in the information system while transforming information and sensitive data.
In the announcement, ISA also made it clear that the recent implementation of DLT will make it impossible for firms to tamper with ISA’s messages, delete them or deny receiving.
According to the ISA, this widely adopted Blockchain solution which improves cybersecurity was developed only three months ago by a prominent IT company named Taldor, a firm established in late 1986.
After its successful integration into Yael, ISA is looking forward to implement Blockchain technology in few more systems accepting cybersecurity, like deploying the DLT in an online voting system to ensure transparency while enabling investors to participate in election meeting remotely. Moreover, ISA is also moving ahead to deploy Blockchain technology into its Magna system, which is used to record reports of various agencies under the authority.
Future for DLT in Israel:
Natan Hershkovitz, director of information system department at ISA said that the agency is not unaware of the Blockchain technology being the significant tool in disrupting a vast array of industries around the world. Moreover implementing DLT in the ISA’s information system (Yael) will make it one of the leading global authorities to secure data and information sent to public and check its authenticity, and also make ISA a leader in Israel’s public sector.
The adoption of the technology is a must for government and public sector as their data are more prone to a threat, however with the rapid advancement in cyber attacks, the need for DLT cannot be ignored in healthcare, banking and retails verticals.