The blockchain: a rescue for French companies that have been victims of cyberattacks

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How to secure your business data? Blockchain provides an answer. Since 2015, 41% of digital professions have been carried out in establishments outside the digital sector” (1). 67% of French companies were victims of cyber incidents during 2018 (2).

Supporting accountants towards a digital transition and the protection of their data online

Cyberattacks and related costs are constantly increasing. Companies are the first victims according to a Hiscox study (2). More than three out of five companies (61%) have been the target of an attack in the last 12 months.”

These cyberattacks target businesses of all sizes. Although small businesses are the least affected, those “with fewer than 50 employees reporting a cyber incident increased from 33% to 47%. This figure increased from 36% to 63% for medium-sized enterprises (50-249 employees)” (2).

However, the prevention of cyberattacks leaves something to be desired. Indeed, in 2018, only 11% of companies that took the test to assess their level of cyber risk preparedness were awarded the “expert” level (2). This proves that despite the current digital transition of French companies, very few know how to protect themselves against cyber attacks.

That’s why French startups are challenging themselves to create platforms capable of optimizing the security of companies’ online data.

Welyb, the Bordeaux start-up at the service of chartered accountants

That’s the case with Welyb. Created in 2017, this Bordeaux startup has the initial objective of supporting accountants towards a digital transition. A collaborative platform, i.e. a virtual workspace, makes it possible to automate certain tasks in the business. Thus, the collection and sorting of invoices are placed in a secure Electronic Document Management (EDM).

Following the increase in cybercrime, the startup Welyb has been able to identify the need for security and sovereignty of online data of companies. It then created a decentralization of its network (also called a blockchain). In other words, each document is stored, encrypted and distributed across all nodes of the network. Only users with access to this document can view it. So security is at its maximum.

Welyb, a startup supported in particular by Unitec (one of the main support structures for startups in the Bordeaux region), put the blockchain in the spotlight in its process of securing online data for companies.

Blockchain: the solution against the increase in cyberattacks in companies

Cyber surveillance can be done online through a variety of tools. “SSO single sign-on solutions, user access rights management, strong authentication, public key infrastructures…” are examples (3). in order to authenticate users within the company’s IT information system. Thus, it is possible to control users’ access to the resources available in this online database.

Blockchain is a technology that keeps track of a set of transactions, in a decentralized, secure and transparent way, in the form of a blockchain” (4). In other words, the blockchain allows information to be stored and transmitted in a transparent and secure online space. It gathers all the data of the company concerned and the history of all the exchanges made between its users.

The operation of the blockchain is relatively simple and fast

A User A makes a transaction (information, money,…) to a user B. The transaction is grouped with other transactions within a “block.” The latter is validated by the nodes of the network thanks to cryptographic means. It is then dated and added to a string of blocks: the blockchain. Users with access to this blockchain can then view all the data inside. This is how the transaction issued from user A is transmitted to user B if the latter has the authorization of the blockchain to access it.

The blockchain solution seems to be a real step towards total security of companies’ online data. Knowing that (3), more than 50% of company employees work far from their teams because of travel in particular. As a result, more employees are working in virtual teams to maintain some closeness with their colleagues. It is therefore essential to secure their exchanges and data circulating online. This virtual team practice is widespread and increasing. The blockchain could solve many of the problems of cyberattacks.

With a job market that is becoming more and more digital, it is essential to find a solution to secure trade. Indeed, with digital transformation, hackers and cyber-malicious computer engineers are attacking the data of companies around the world. French companies are no exception and securing them becomes a real issue. Blockchain is a promising solution. This security system could thus conquer many trades and multiple markets around the world.

Sources

www.welyb.fr

(1) The strong growth of the digital professions, driven by the digital sectors of Valérie DEROIN and Laurent FEFEU, on 04/09/2018

(2) Cybersecurity, companies remain unprepared despite the increase in the number of cyberattacks, Forrester Cabinet Report, 23/04/19

(3) Virtual work organizations: steering and cyber-monitoring of the Association d’Etude et de Suivi de l’Aménagement du Temps de Travail dans les métiers du savoir (ADESATT), of 11/05/10

(4) Fintech, digital technology at the service of the financial sector of the French Economy, Finance, Action and Public Accounts portal, of 19/01/18

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