Security and Privacy Challenges
The advent of Central Bank Digital Currencies (CBDCs) brings forth a transformative shift in the financial landscape, accompanied by a myriad of potential benefits. However, the integration of CBDCs into the digital ecosystem also introduces a host of cybersecurity challenges that demand meticulous consideration. The inherently digital nature of CBDC transactions makes them susceptible to a range of cyber threats, including hacking, fraud, and data breaches. Ensuring the security and integrity of CBDCs necessitates robust measures to safeguard against unauthorized access, protect user data, and prevent malicious activities such as counterfeiting and double-spending. As central banks explore the implementation of CBDCs, a comprehensive and resilient cybersecurity framework becomes paramount to instill confidence in the digital financial infrastructure and mitigate the risks associated with the evolving landscape of digital currencies.
Meetup discussions, speakers, and panel session will cover the following;
Data Privacy and Confidentiality:
- CBDC transactions involve sensitive financial data. Ensuring the privacy and confidentiality of user information is crucial to prevent unauthorized access and data breaches.
Identity Theft and Authentication:
- Cybercriminals may attempt to steal user identities or compromise authentication mechanisms. Implementing robust identity verification and authentication protocols is essential to prevent unauthorized access.
Transaction Integrity:
- Maintaining the integrity of transactions is vital to prevent fraudulent activities. Security measures, such as cryptographic techniques and secure communication channels, should be implemented to safeguard transaction data from tampering.
Distributed Denial of Service (DDoS) Attacks:
- CBDC systems are susceptible to DDoS attacks, which can disrupt the availability of the digital currency platform. Implementing effective DDoS protection measures is essential to ensure uninterrupted service.
Smart Contract Security:
- If CBDCs utilize blockchain or smart contract technology, vulnerabilities in smart contracts could be exploited. Regular code audits, secure coding practices, and continuous monitoring are essential to identify and address potential vulnerabilities.
August 2024
You can send us your request through membership form
Reservation
