Once the laughingstock of the Internet, hackers are now some of the most wanted criminals in the world. The black market for data is a bustling underground economy where stolen information is bought, sold, and traded like any other commodity. Most people are unaware that their personal data is worth anything on the open market. But to a hacker, your social security number, credit card information, and even your medical records are all potential gold mines. With just a few clicks, a hacker can find out everything about you – your addresses, your phone numbers, your family members, your financial history. And once they have that information, they can use it to wreak havoc in your life. Identity theft is one of the most common crimes in the world, and it’s only getting easier as more and more of our lives move online. Hackers can use your stolen data to open new lines of credit in your name, buy expensive items and then leave you with the bill, or even drain your bank account dry. In some cases, they can even use your medical records to commit insurance fraud. At the root of the problem is that we use centralized systems to store our data. To a hacker, these systems are like honey pots – if they can infiltrate the system, they have access to all the data. There is hope, however. Decentralized storage solutions, like and offer a way to store our data in a way that is much more secure. With these platforms, our data is encrypted and spread out across a network of computers, so there's no central point of failure. Filecoin , SlikSafe The growth of the data dark web The black market for data is a multi-billion dollar industry that is growing rapidly every year. In fact, the dark economy makes up a whopping , making up a fifth of the global GDP – and that number is only expected to rise in the coming years, with cybercrime alone predicted to cost the world by 2025. $16 trillion $10.5 trillion There are a number of factors driving the growth of the black market for data. First, the sheer amount of personal data that is now being generated is staggering. Every time you use your credit card, browse the internet, or post on social media, you’re creating a digital footprint that can be tracked, monitored, and sold. Second, the technological tools that hackers have at their disposal are becoming more sophisticated and easier to use. In the past, hacking was something that required a great deal of technical expertise. But now, there are many “off-the-shelf” hacking tools that anyone with a basic understanding of computers can use to break into systems and steal data. Last, but not least, the value of personal data is increasing. As our lives move online and we share more and more information about ourselves, the potential for misuse and fraud is also increasing. Hackers are well aware of this, and they’re increasingly targeting businesses and individuals in order to get their hands on valuable data. What is being done to combat the black market for data? Unfortunately, there is no easy solution to the problem of the black market for data. The best way to protect yourself is to be aware of the risks and take steps to minimize your exposure. One of the most important things you can do is to limit the amount of personal information that you share online. Be cautious about what you post on social media, and think twice before sharing sensitive information like your credit card number or social security number. You should also make sure that your computer and mobile devices are protected with strong security software. This will help to deter hackers and make it more difficult for them to steal your data if they do manage to break into your system. Finally, you should keep a close eye on your credit report and financial statements. If you see any unusual activity, it’s possible that your information has been compromised. By catching it early, you can minimize the damage and avoid becoming a victim of identity theft or fraud. Addressing the problem at the source The black market for data is a thriving, international business. And like any business, it has its own supply chain. That supply chain includes everything from the hackers who steal the data to the marketplaces that sell it. Taking down those marketplaces is like putting band-aids on a gaping wound. It might stem the bleeding for a while, but it's not going to stop the flow of data onto the black market. There are simply too many ways for data to get onto the black market. Hackers can find new ways to steal it, and there are always new marketplaces popping up to sell it. Even if all the current marketplaces were shut down, it wouldn't be long before new ones sprang up in their place. The only way to truly combat the black market for data is to address the root cause: unsafe, centralized storage solutions. and are two examples of decentralized storage platform that are more secure than traditional solutions. With SlikSafe, data is encrypted and spread out across a network of computers, so there's no central point of failure. Even if a hacker were to gain access to one computer in the network, they would only be able to see a fraction of your data, and it would be heavily encrypted. SlikSafe Filecoin Ultimately, decentralized, secure storage is an important use-case for blockchain techology, offering the ability to safeguard data privacy.

Filecoin

Flow

Chain

How the Metaverse is Changing the Way We Interact with Brands

The Black Market for Data is on the Rise

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Can Technology Fix Modern Dating?

Windows Sticky Keys Exploit: The War Veteran That Never Dies

06/02/2018: Biggest Stories in the Cryptosphere

0-Days are on the Rise and that Means a Lot More Work for SOC Teams

Time Bombs Inside Software: 0-Day Log4Shell is Just the Tip of The Iceberg

The Noonification: How the Liver Transplant System Changed Forever (11/25/2023)

Can Technology Fix Modern Dating?

Windows Sticky Keys Exploit: The War Veteran That Never Dies

06/02/2018: Biggest Stories in the Cryptosphere

0-Days are on the Rise and that Means a Lot More Work for SOC Teams

Time Bombs Inside Software: 0-Day Log4Shell is Just the Tip of The Iceberg

The Noonification: How the Liver Transplant System Changed Forever (11/25/2023)

Light-Mode

Classic

Newspaper

Minty

Dark-Mode

Neon Noir

Minty

HN StartUps