IBM and Certihash to develop new blockchain security tools to reduce cost and impacts of cyberattacks

A new Bitcoin Satoshi’s Value (BSV) blockchain-based service promises to reduce the time and costs associated with cyberattacks. The offering from Certihash, named “Sentinel Node,” is being developed in collaboration with IBM Consulting.

Certihash plans to deploy Sentinel Node in industries where network and data security matter most.

Bryan Daugherty, co-creator of Certihash, said that data security breaches occur with greater frequency and intensity. The time required to detect and contain their damages is becoming ever longer. A Ponemon report titled “Cost of a Data Breach,” sponsored by IBM, said it takes 287 days to handle a data breach—including 212 days to identify the issue and almost 75 days to contain the fallout.

Besides the time taken, the cost of dealing with data breaches has increased. The report found the average price for dealing with data breaches grew from US$3.86 million in 2020 to $4.24 million in 2021, Ponemon reported, after studying 537 real-world data breaches in 17 countries globally. Average costs for dealing with damages were even higher in the United States, reaching over $9 million.

Certihash chose to collaborate with IBM Consulting, given IBM’s experience in blockchain technology and decentralized business applications. IBM will use a proven network design to construct a BSV blockchain-based, state-of-the-art cybersecurity infrastructure leveraging BSV’s advantages to cut overhead expenses and timeframes drastically.