Monday, July 29, 2019

Advancing Blockchain Cybersecurity (Free PDF)

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Entrepreneurs, investors, and policymakers are increasingly interested in blockchain technology because of its potential to transform the way businesses communicate and interact with their customers, other businesses, and regulators. As a growing number of companies rush to explore blockchain applications, the blockchain ecosystem becomes more diverse and dynamic and better supports sustainable growth and innovation. One of blockchain’s benefits is its inherent resiliency to cyber-attack. While not immune to all forms of cyber risk, blockchain’s unique structure provides cybersecurity capabilities not present in traditional ledgers and other legacy technologies.

This whitepaper explores the relationship between cybersecurity and blockchain technologies deployed in the financial services industry. The paper’s objectives are to educate policymakers and financial industry participants about how blockchains may fit within broader cybersecurity objectives, create a shared understanding of some of the cybersecurity considerations and risk inherent to blockchain, and form recommendations for policymakers and industry to facilitate blockchain innovations that address extant and emerging cybersecurity threats.

Blockchain is a powerful innovation that is poised to bring substantial positive change to the financial services industry as well as many other industries. Despite such promise, blockchain, like any emerging financial services technology, must be evaluated from the perspective of cybersecurity risk – both to an individual financial institution and to the broader and interconnected financial services industry – because cybersecurity is a primary concern to policymakers and financial institutions.

I. Overview of Blockchain Technology
II. Common Forms of Cyber-Attacks Affecting the Financial Services Industry
III. Cybersecurity Considerations for Permissioned Blockchains
IV. Protecting Permissioned Blockchains from Cyberattacks
V. Policy Recommendations
VI. Conclusion

Author Details
"Erin English", Microsoft

"Amy Davine Kim", Chamber of Digital Commerce

"Michael Nonaka", Covington and Burling

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