Change it's name, make it increase defense/mdef linearly. Only way it'll be worthwhile. Even if they add a +damage element onto it, it'll only proc while tanking and since Parry itself is largely useless then there's no reason not to just go Crit/Det/SkS. Will make it less worse than now but still pretty bad.

Alternatively just get rid of it completely or attach it to weapons like how shields have block rate/strength.