A cyber risk framework is a structured set of guidelines and best practices designed to identify, assess, manage, and mitigate cybersecurity threats. In the digital asset space, this framework addresses vulnerabilities inherent in blockchain protocols, smart contracts, digital wallets, and exchange platforms. It helps organizations establish robust security postures and maintain operational resilience against malicious actors. Implementing such a framework is vital for protecting sensitive data and financial assets.
Context
The application of cyber risk frameworks is a continuous and evolving challenge within the rapidly advancing cryptocurrency and blockchain sectors. Key discussions often revolve around adapting traditional cybersecurity models to decentralized architectures and addressing novel attack vectors specific to digital assets. A critical future development involves the standardization of these frameworks across the industry to enhance overall ecosystem security and regulatory compliance.
CASPs must immediately integrate DORA's systemic ICT risk management and third-party oversight framework into their core compliance architecture by the January 2025 deadline.
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