Overcoming Consequences of COVID-19 on Cyber security. The Emergence of Blockchain Apps

Introduction

Background of the study 

According to the research of Agyepong et al. (2020); Khan, Brohi, and Zaman, (2020), cyber security has been one of the prominent elements for organizations to secure confidential information. Moreover, the research of Tashea (2018) highlighted that the emerging technology of blockchain has been protecting the organization from cyber threats as blockchain technology removes the centralized authority from controlling the network and flow of data giving a little window to hackers to infiltrate the cyber security of the organization. Similarly, the study of Singh and Singh (2016) specified that blockchain technology adds an extra layer of security for organizations to secure their devices and systems from potential cyber-attack. Additionally, the study of Bordoff, Chen, and Yan (2019); Okereafor and Adebola (2020) specifically emphasized the global pandemic of COVID-19 that encouraged remote working practice and allowed cyber frauds for invading the cyber security of multiple firms. Similarly, the study of Ahram et al. (2017) identified that blockchain technology has been difficult to temper as it distributes the key data on various nodes to keep the record making it difficult for a hacker to destroy the blockchain and impose a cyber threat on the organization.  

Problem Statement 

The research of Ahmad (2020); Khan, Brohi, and Zaman (2020); Wangila (2020) asserted that the crisis of COVID-19 has affected numerous organizations across the world. Similar research contemplated that COVID-19 has forced the organization to adopt remote working practices while making sure that critical business operations are regulated without any interference (Ahmad, 2020; Khan, Brohi, and Zaman, 2020; Wangila, 2020). However, the research of Wirth (2020); Okereafor, and Adebola (2020) asserted that the global pandemic of COVID-19 has raised a considerable number of challenges for organizations regarding cyber security. The study of Bordoff, Chen, and Yan (2019); Kour (2020); Agyepong et al. (2020) is of the view that major cyber security threats that have been faced by organizations are phishing, mal spam, and ransomware. The report of Okereafor and Adebola (2020) indicated that hackers used COVID-19 as an opportunity to mislead organizations and the general public into downloading particular applications or software to get updates on the global pandemic, however, upon downloading such applications, the hackers steal sensitive information and impose a threat of compromised cyber security on organizations. Thus, the current research studies the emerging technology of blockchain to overcome the cyber security threats experienced by organizations due to COVID-19. 

Aim and Objectives

The study aims to identify the role of blockchain Apps that can overcome the consequences of COVID-19 on cyber security. 

To examine the theoretical concept of the consequences of COVID-19 on cyber security.

To assess the challenges and barriers associated with cyber security due to the global pandemic of COVID-19.

To identify the key elements pertinent to blockchain Apps that can cater to the consequences of COVID-19 on cyber security.

To provide recommendations for overcoming the consequences of COVID-19 on cyber security.

Literature Review

The research of Ahram et al. (2017) identified that blockchain technology has been one of the prominent technologies in various markets that are securing the organization from cyber-attacks. Furthermore, the study by Agyepong et al. (2020) highlighted that blockchain application has been used by organization to prevent data theft from committing fraud and putting the organization’s image at risk. Moreover, the study of Khan, Brohi, and Zaman (2020) indicated that blockchain technology is highly used by banking sectors, as the bank conducts several online financial transactions which require an extra layer of security. Additionally, the study by Kour (2020) asserted that the recent pandemic of COVID-19 offered extensive opportunities to hackers for compromising the cyber security of organizations via phishing and spam. However, the banking sector tends to introduce new trading platforms that follow blockchain protocol to reduce the maximum number of intermediaries and make transactions safe and secure (Bordoff, Chen, and Yan, 2019).

According to the research of Agyepong et al. (2020), blockchain technology has been playing a prominent role in combating the challenges that arose from the Coronavirus in handling the cybersecurity of banks. However, the report of Www2.deloitte.com. (2020) contemplated that COVID-19 increased the risk of security as several organizations have to adopt remote working practices. The same report added that misconfiguration of virtual private networks (VPN) and Denial of Service (DoS) attacks imposed extensive risk on organizations via exposure of sensitive information over the internet (Www2.deloitte.com. 2020). Moreover, the study by Bordoff, Chen, and Yan (2019) asserted that COVID-19 has delayed the detection and response to cyber-attacks being experienced by banks and corporations as the response time of an employee to report a cyber-attack is quite slower than IT department of any particular firm, which gave greater chance to hackers to steal the important data of firms.

A Brief Methodology 

Research Approach and Method 

According to the study by Flick (2015); Jonker and Pennink (2010), there are three main approaches for conducting the research known as abductive approach, inductive approach, and deductive approach. The current research would use a deductive approach to test the existing theory via building a hypothesis and conducting statistical analysis to accept or reject the hypothesis related to overcoming the consequences of COVID-19 on the cyber security of banks and the corporate sector of the UK via blockchain application.

The research of Anderson, Adey, and Bevan (2010); Mackey and Gass (2015); Kumar (2019) contemplated the three common methods for conducting the research named as mixed method, quantitative method, and qualitative method. The quantitative method uses statistical analysis to present facts and figures along with logical justification to present the findings (Mackey and Gass. 2015). The current research would employ a quantitative method, as the research aims to present objective findings based on overcoming the consequences of COVID-19 on the cyber security of banks and the corporate sector of the UK via blockchain application. 

Data Collection Method

According to the study by Anderson, Adey, and Bevan (2010), there are two ways to collect the data, the primary source, and the secondary source. The current research would use secondary data for literature to present critical arguments on blockchain technology and the consequences of COVID-19 on the cyber security of banks and the corporate sector in the UK. While the primary data would be collected through a survey questionnaire being filled by 100 IT managers of bank and corporate sectors of the UK

Data Analysis

The current research would use statistical analysis such as regression, frequency, and coefficient analysis using SPSS for data analysis collected through a survey questionnaire. 

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