Business continuity planning creates strategies to ensure essential operations continue during disruptions. This involves establishing systems and procedures that allow financial institutions and digital asset service providers to maintain critical functions during unforeseen events, such as cyberattacks, infrastructure failures, or natural disasters. The objective is to minimize service interruptions, protect data integrity, and recover operations promptly. For entities operating with digital assets, this planning often includes strategies for secure key management, distributed data storage, and redundant operational infrastructure.
Context
In the crypto domain, business continuity planning gains prominence following security breaches, exchange outages, or significant network congestion events. A critical discussion point revolves around adapting traditional financial sector continuity models to the unique challenges of decentralized networks and volatile digital asset markets. Future focus will include integrating blockchain-specific risks, such as smart contract vulnerabilities and protocol governance failures, into robust recovery frameworks.
CASPs must immediately integrate DORA's systemic ICT risk management and third-party oversight into their operational architecture by the Q1 2025 deadline.
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