Danieli has announced that it will utilise cybersecurity blockchain solutions to secure data on its networks.

The move is likely to set precedent for other large corporations looking to deploy cybersecurity blockchain solutions to defend against new cyber threats.

Established more than one century ago, Danieli is the top three provider of equipment and plants to the metal industry worldwide, achieving revenues of €2.49bn in 2016/17 and employing 10,000 people worldwide.

Danieli has signed a partnership with cybersecurity start-up Naoris. Following an initial cybersecurity consultation, the companies have agreed to collaboratively implement blockchain-based cybersecurity solutions across part of Danieli’s data servers worldwide.

It is estimated that the cost of an average data breach exceeds €3m, rising above €300m for major breaches (where 1 million to 50 million records are lost), according to IBM. A robust cybersecurity system is therefore essential for blue chip organisations such as Danieli in order to protect significant amounts of sensitive company and client data.

Blockchain decentralises computer data across millions of different ‘blocks.’ The blockchain computers (or nodes) must confirm and record any change to a system, removing a single entry point for cyber criminals. In the current cybersecurity model, every device used by employees can act as a vulnerable entry point in order for a hacker to get access into the system and infiltrate the entire network.

Naoris has already performed a comprehensive assessment of Danieli’s data infrastructures, as part of the metal suppliers continued investment in its cybersecurity strategy. It will aim to further secure the metal supplier’s key data infrastructures.

Alexander Stewart, Executive Vice President ICT at Danieli, commented:

“At Danieli, we pride ourselves on the quality of our materials, processes and people, which enables us to continue delivering a world-leading service. Cybersecurity is a major part of this and we are currently investing significantly into ongoing company-wide security operations to make our company safer.

“We believe that Naoris’ blockchain-based solution will benefit our strategy and give us the edge in safeguarding our networks and providing unrivalled security for our clients, customers and personnel.”

Naoris’ cybersecurity platform, Naoris SE (Security Ecosystem), uses AI and blockchain technologies to place cyber alert results onto an immutable ledger where they become accessible and independently auditable. For a threat actor to be successful in such an environment, it would have to hit the potentially massive immutable blockchain network all at once.

Naoris’ model further creates a decentralized peer-to-peer format that enables a new device to learn from the behaviours of its neighbours. Naoris’ platform is agnostic to devices and operating systems and is infinitely scalable – able to accommodate countless devices. This eliminates weak central point of failures, so that while traditionally networks become weaker as more devices are connected, Naoris’ solution allows networks to become exponentially more secure and agile as they expand.

David Carvalho, founder and CEO of Naoris, added:

“Multi-national companies such as Danieli hold large amounts of records and sensitive data. With the sheer amount of devices on its networks and with the threat of hacking on the rise, traditional methods of cybersecurity need to evolve. Naoris SE is cryptographically agnostic to operating systems and proves subversive actions beyond doubt, creating immutable consensus on the source, timestamp and location of threats.

“We are pleased to support Danieli through this process. Securing this partnership is testament to the strength of our offering and we look forward in continuing to grow our relationship with Danieli.”

In addition, Naoris recently announced that it launched in the Middle East through its partnership with IT solutions company PROW as well as signing Hong Kong based decentralised data storage business DeNet.