Benzinga - The Bank for International Settlements (BIS) has rolled out a new security and resilience framework aimed at protecting Central Bank Digital Currencies (CBDCs) from the ever-evolving landscape of cyberthreats.
Developed by the BIS Innovation Hub Nordic Centre, the Polaris framework is a response to the increased interconnectivity in the digital world, which has amplified the complexity of cyberthreats.
The framework is tailored to CBDCs, providing central banks with a seven-step model to create secure and resilient systems.
It is intended to mitigate potential risks associated with operational failures or cyberattacks, which could undermine public confidence and have widespread repercussions on the financial system.
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With CBDC systems likely to employ new, largely untested technologies, the framework encourages central banks to recognize the novel threat landscape, utilize modern security technologies and identify existing and new capabilities that need to be developed or implemented.
The Polaris framework is designed to be dynamic and will be updated periodically in sync with advancements in both CBDC systems and the cyber threat environment.
This will be undertaken collaboratively with central banks and relevant public and private entities.
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