Security Considerations for a Central Bank Digital Currency

Hansen, Tarik R.; Delak, Katya

doi:10.17016/2380-7172.2970

Cited by 14 publications

(6 citation statements)

References 10 publications

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“…The Federal Reserve recently published a report [51] on the 'Security Considerations for a Central Bank Digital Currency', in which they present four key points: The report proposes a new framework for 'General Risk Management Guidance' called NIST Risk Management Framework (NIST RMF). In Error!…”

Section: International Blockchain Cybersecurity Strategiesmentioning

confidence: 99%

Review and comparison of US, EU, and UK regulations on cyber risk/security of the current Blockchain Technologies -viewpoint from 2023

Radanliev

2023

Preprint

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The first cryptocurrency was invested in 2008/09, but the Blockchain-Web3 concept is still in its infancy, and the cyber risk is constantly changing. Our cybersecurity should also be adapting to these changes to ensure security of personal data and continuation of business for organisations. This review paper starts with a comparison of existing cybersecurity standards and regulations from the National Institute of Standards and Technology (NIST) and the International Organization for Standardization (ISO) -ISO27001, followed by a discussion on more specific and recent standards and regulations, such as the Markets in Crypto-Assets Regulation (MiCA), Committee on Payments and Market Infrastructures and the International Organisation of Securities Commissions (CPMI-IOSCO), and more general cryptography and post-quantum cryptography, in the context of cybersecurity. These topics are followed up by a review of recent technical reports on cyber risk/security and a discussion on cloud security questions. Comparison of Blockchain cyber risk is also performed on the recent EU standards on cyber security, including European Cybersecurity Certification Scheme (EUCS) -cloud, and additional US standards -The National Vulnerability Database (NVD) Common Vulnerability Scoring System (CVSS). The study includes a review of Blockchain endpoint security, and new technologies e.g., IoT. The research methodology applied is a review and case study analysing secondary data on cybersecurity. The research significance is the integration of knowledge from the United States (US), the European Union (EU), the United Kingdom (UK), and international standards and frameworks on cybersecurity that can be alighted to new Blockchain projects. The results show that cybersecurity standards are not designed in close cooperation between the two major western blocks -US and EU. In addition, while the US is still leading in this area, the security standards for cryptocurrencies, internet-of-things, and blockchain technologies have not evolved as fast as the technologies have. The key finding from this study is that although the crypto market has grown into a multi-trillion industry, the crypto market has also lost over 70% since its peak, causing significant financial loss for individuals and cooperation's. Despite this significant impact to individuals and society, cybersecurity standards and financial governance regulations are still in their infancy.

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Section: International Blockchain Cybersecurity Strategiesmentioning

confidence: 99%

Review and comparison of US, EU, and UK regulations on cyber risk/security of the current Blockchain Technologies -viewpoint from 2023

Radanliev

2023

Preprint

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“…The Federal Reserve recently published a report [51] on the 'Security Considerations for a Central Bank Digital Currency', in which they present four key points: As with previous NIST frameworks, the approach is built upon existing standards that include the International Organization for Standardization (ISO)/International Electrotechnical Commission (IEC) 27000 Series, the Committee on Payments and Market Infrastructures and the International Organisation of Securities Commissions (IOSCO), the NIST developed the Cybersecurity Framework (NIST CSF), among other standards.…”

Section: International Blockchain Cybersecurity Strategiesmentioning

confidence: 99%

Review and Comparison of US, EU, and UK Regulations on Cyber Risk/Security of the Current Blockchain Technologies - Viewpoint from 2023

Radanliev

2023

SSRN Journal

View full text Add to dashboard Cite

Section: International Blockchain Cybersecurity Strategiesmentioning

confidence: 99%

Review and comparison of US, EU, and UK regulations on cyber risk/security of the current Blockchain Technologies - viewpoint from 2023

Radanliev

2023

Preprint

View full text Add to dashboard Cite

The results show that cybersecurity standards are not designed in close cooperation between the two major western blocks - US and EU. In addition, while the US is still leading in this area, the security standards for cryptocurrencies, internet-of-things, and blockchain technologies have not evolved as fast as the technologies have. The key finding from this study is that although the crypto market has grown into a multi-trillion industry, the crypto market has also lost over 70% since its peak, causing significant financial loss for individuals and cooperation’s. Despite this significant impact to individuals and society, cybersecurity standards and financial governance regulations are still in their infancy.

show abstract

Security Considerations for a Central Bank Digital Currency

Cited by 14 publications

References 10 publications

Review and comparison of US, EU, and UK regulations on cyber risk/security of the current Blockchain Technologies -viewpoint from 2023

Review and comparison of US, EU, and UK regulations on cyber risk/security of the current Blockchain Technologies -viewpoint from 2023

Review and Comparison of US, EU, and UK Regulations on Cyber Risk/Security of the Current Blockchain Technologies - Viewpoint from 2023

Review and comparison of US, EU, and UK regulations on cyber risk/security of the current Blockchain Technologies - viewpoint from 2023

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