Petya marks the second major cyberattack in as many months on global computer systems. Much like its predecessor, Wannacry, the attack is aimed at securing ransom in return for releasing hard disk data, but it is believed to be much more sophisticated. As more governments and people rely on technology, there is a possibility that the threat may not remain focused on securing petty payments and hackers may target services like banking, civil supplies and health. But banks need not be so helpless as there are still ways that they can protect their data. Blockchain, the technology behind bitcoin, can be their way out. RBI’s research arm Institute for Development and Research in Banking Technology earlier this year detailed the use of technology for speed and security purposes. “BCT provides a secure and naturally decentralised framework for transaction processing. Besides, even governments have been experimenting with the technology for safer transactions. Blockchain is a digital ledger which keeps a real-time record of each and every transaction; shared among a distributed network of computers, more like a shared spreadsheet. If a hacker were to access one set of data, they could only tamper with that block with the system entact. Blockchain still doesn’t prevent Petya and Wannacry-style attacks, but it ensures the virus doesn’t take down the whole banking system. The technology comes with its own set of problems. One, it is slower for public transactions as each transaction takes over 10 minutes to process. For blockchain transactions to work in the real world, there needs to be a system for handling mishaps — or mischief — which means making regulations that courts can use to enforce the rules.” While blockchain cannot be an immutable solution, it can certainly be a start for securing banking.

(Financial Express)