CBDCS and Cyber-security: Resilience Considerations When Developing Digital Money 2023 | Global Government Forum | 13 November 2023 | Webinar
Venue
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| Event Date |
Tue Nov 14 UTC (about 1 year ago)
In your timezone (EST): Mon Nov 13 7:00pm - Mon Nov 13 7:00pm |
| Location | Webinar |
| Region | All |
Details
CBDCs such as the Bahamas’ Sand Dollar and Nigeria’s eNaira are already live, while the US Federal Reserve, European Central Bank (ECB – for the eurozone) and Bank of England are all stepping up their explorations. In total, 68 per cent of central banks consider themselves ‘likely to’ or ‘might possibly’ issue a retail CBDC in the short or medium term, according to a Bank for International Settlements (BIS) paper (‘Gaining Momentum…) published in May 2022.
Among the most important considerations facing policymakers and CBDC developers is cyber-security – a topic that (alongside CBDCs themselves), is among the BIS Innovation Hub’s 2022 priorities and also among the 13 public policy principles for retail CBDCs published by the Group of Seven (G7) nations in 2021.
Specific projects focused on the cybersecurity aspects of CBDCs include ‘Project Sela’, which is being led by the BIS Innovation Hub’s Hong Kong center and involves the Hong Kong Monetary Authority and Bank of Israel.
Cyber-threats are evolving all the time, with digital means providing both opportunities for criminals but also for authorities to monitor risks. A UK House of Lords economic affairs committee report, published in January 2022, concluded that a CBDC poses two main security risks: first, that individual accounts could be compromised through cyber-security weaknesses; and, second, that a centralized CBDC ledger could be a target for attack from ‘hostile state and non-state actors’. The report added that while no system design can guarantee absolute security, any CBDC system ‘will need to be adaptable to emerging security threats and technological change, including fast-developing quantum computing’.
This Global Government Fintech webinar will ask questions including:
• How are the biggest cybersecurity threats facing CBDCs evolving?
• How important are technology solutions and design choices to keeping CBDCs ‘safe’