BIS Releases Framework to Secure CBDCs Against Cyber Threats

Cybersecurity Framework Introduced for CBDCs Amid Rising DeFi Exploits

The Bank for International Settlements (BIS) has released a framework to protect central bank digital currencies (CBDCs) against cybersecurity threats. The move comes as a response to recent exploits in decentralized finance (DeFi), highlighting the need for more secure CBDC systems. The framework includes seven steps and 104 control objectives, emphasizing the importance of confidentiality, integrity, and availability of CBDC transactions. BIS recommends establishing senior leadership, a chief security officer, and IT and security teams to implement the framework. Despite concerns about DeFi, BIS has been advocating for the adoption of CBDCs and recently proposed a unified-ledger system for cross-border transactions.