On July 7, 2023, Bank for International Settlements (BIS), a constituent central bank-based financial institution, introduced a framework for defending central bank digital currencies (CBDCs) against cybersecurity threats, stated Cointelegraph.
I t is believed, “Recent examples of smart contract hacks, which have led to the loss of a significant amount of value in DeFi, serve as an example of the potential security risks CBDC systems could face,” Bank for International Settlements explained.
Sources revealed that “To organise the control objectives that have been identified and adapted for CBDC systems, this framework […] has seven steps: Prepare, Identify, Protect, Detect, Respond, Recover and Adapt,” Cointelegraph highlighted.
Furthermore, in order to execute the framework, BIS plans to incorporate a central bank senior leadership and board, a chief security officer, information technology, security and stakeholders team, Cointelegraph concluded.
(With insights from Cointelegraph)
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