Company to provide innovative ransomware solution that fills a vital need in the security market
Everything Blockchain Inc., a technology company that enables real-world use of blockchain to solve critical business issues, announced that it filed a patent application for EBI Blockchain Drive (EB Drive). EB Drive, among the first blockchain-enabled ransomware solutions, will empower enterprises to protect themselves against the threat posed by the ever-increasing problem of ransomware attacks.
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The Verizon Data Breach Investigations Report (DBIR) found that the number of ransomware attacks increased by 13% between 2020 and 2021 – a larger jump than the past five years combined. Cybersecurity Ventures predicts ransomware will cost its victims around $265 billion (USD) annually by 2031, with a new attack (on a consumer or business) every two seconds. The threat of ransomware impacts every industry, from oil and gas to hospitals, retailers, and payment processors.
Conventional approaches to data storage rely on a local or network hard drive, and both are vulnerable to ransomware attacks when legitimate user credentials are compromised. In these cases, an attacker encrypts data until a payment is received, however there is no guarantee that an attacker will ever decrypt the data, leaving organizations who lack a backup and recovery strategy at a serious disadvantage. EB Drive ensures that data is consistently backed up in an immutable blockchain ledger that will protect a company’s intellectual property in the event of a ransomware attack.
“EB Drive’s innovative and novel use of blockchain’s inherent immutability ensures that locally stored data is impervious to ransomware attacks from bad actors,” said Cedric Harris, Chief Research Officer, EBI. “With EB Drive we are bringing a winning ransomware solution to market that enables all businesses, regardless of industry, to protect their data.”
“The advancement of blockchain technology into tangible assets is the natural evolution of the industry, and a confirmation of our business philosophy: blockchain for everyone and everything,” said Eric Jaffe, Chief Executive Officer, EBI.
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The Verizon Data Breach Investigations Report (DBIR) found that the number of ransomware attacks increased by 13% between 2020 and 2021 – a larger jump than the past five years combined. Cybersecurity Ventures predicts ransomware will cost its victims around $265 billion (USD) annually by 2031, with a new attack (on a consumer or business) every two seconds. The threat of ransomware impacts every industry, from oil and gas to hospitals, retailers, and payment processors.
Conventional approaches to data storage rely on a local or network hard drive, and both are vulnerable to ransomware attacks when legitimate user credentials are compromised. In these cases, an attacker encrypts data until a payment is received, however there is no guarantee that an attacker will ever decrypt the data, leaving organizations who lack a backup and recovery strategy at a serious disadvantage. EB Drive ensures that data is consistently backed up in an immutable blockchain ledger that will protect a company’s intellectual property in the event of a ransomware attack.
“EB Drive’s innovative and novel use of blockchain’s inherent immutability ensures that locally stored data is impervious to ransomware attacks from bad actors,” said Cedric Harris, Chief Research Officer, EBI. “With EB Drive we are bringing a winning ransomware solution to market that enables all businesses, regardless of industry, to protect their data.”
“The advancement of blockchain technology into tangible assets is the natural evolution of the industry, and a confirmation of our business philosophy: blockchain for everyone and everything,” said Eric Jaffe, Chief Executive Officer, EBI.
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