BIS reveals protection plan for CBDCs against cyber threats
The Bank for International Settlements (BIS) has released a plan to protect central bank digital currencies (CBDCs) from cybersecurity threats in the decentralized finance (DeFi) sector. These guidelines aim to address the vulnerabilities of the DeFi industry that could pose risks to CBDCs built on blockchain and smart contract technologies. As part of Project Polaris, the #BISInnovation Hub Nordic Centre has launched a security and resilience framework for #CBDC systems that leverages existing industry standards and guidelines, providing central banks with a seven-step security model https://t.co/0jCuV1sZ6s pic.twitter.com/bubpmMnRfF — Bank for International Settlements (@BIS_org) July 7, 2023 The report highlighted the significance of large-scale attacks on distributed ledger technology (DLT) protocols and smart contracts in the DeFi industry, indicating potential operational and reputational risks. The document cites recent smart contract hacks leading to substantial loss...