Authors: Petar Radanliev
The first cryptocurrency was invented in 2008/09, but the Blockchain-Web3 concept is still in its infancy, and the cyber risk is constantly changing. Cybersecurity should also be adapting to these changes to ensure security of personal data and continu- ation of operations. This article starts with a comparison of existing cybersecurity standards and regulations from the National Institute of Standards and Technology (NIST) and the International Organisation for Standardisation (ISO)—ISO27001, followed by a discussion on more specific and recent standards and regulations, such as the Markets in Crypto-Assets Regulation (MiCA), Committee on Payments and Market Infrastructures and the International Organisation of Securities Commis- sions (CPMI-IOSCO), and more general cryptography (and post-quantum cryptog- raphy), in the context of cybersecurity. These topics are followed up by a review of recent technical reports on cyber risk/security and a discussion on cloud security questions. Comparison of Blockchain cyber risk is also performed on the recent EU standards on cyber security, including European Cybersecurity Certification Scheme (EUCS)—cloud, and US standards—The National Vulnerability Database (NVD) Common Vulnerability Scoring System (CVSS). The study includes a review of Blockchain endpoint security, and new technologies e.g., IoT. The research meth- odology applied is a review and case study analysing secondary data on cyberse- curity. The research significance is the integration of knowledge from the United States (US), the European Union (EU), the United Kingdom (UK), and international standards and frameworks on cybersecurity that can be alighted to new Blockchain projects. The results show that cybersecurity standards are not designed in close cooperation between the two major western blocks: US and EU. In addition, while the US is still leading in this area, the security standards for cryptocurrencies, inter- net-of-things, and blockchain technologies have not evolved as fast as the technolo- gies have. The key finding from this study is that although the crypto-market has grown into a multi-trillion industry, the crypto-market has also lost over 70% since its peak, causing significant financial loss for individuals and cooperation’s. Despite this significant impact to individuals and society, cybersecurity standards and finan- cial governance regulations are still in their infancy, specifically in the UK.
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