Digital Asset Outlook 2022
Theme 12. Cybersecurity
12.3 Potential solutions to cybersecurity attacks Cybersecurity solutions and regulatory controls are critical to an effective cybersecurity strategy for digital assets. Below we discuss some proven ways to prevent cybersecurity breaches. Figure 118. Cybersecurity for digital assets – Potential solutions to cyberattacks Potential solutions
Significance
Adopt access controls
Access controls prevent employees from providing customer information to unauthorized individuals who may seek to obtain this information through fraudulent means.
Use threat modelling
Threat modelling conducted by software developers can analyze and mitigate threats.
Encrypt information
The encryption of electronic customer information (including those stored on networks or systems) helps prevent unauthorized individuals from gaining access.
Use attack detection systems
Attack Detection Systems can detect actual and attempted attacks on or intrusions into customer information systems.
Adopt cybersecurity audit program
An adequately structured audit program can evaluate cybersecurity risk management practices, internal control systems, and regulatory compliance.
Install response programs
Response programs can specify actions to be taken, make reports to regulatory and law enforcement agencies when the financial institution suspects or detects access by unauthorized individuals to systems.
Install digital asset management software
Digital asset management software helps improve cloud metrics for security by storing assets in a single location and making them available worldwide.
Adopt Two-Factor Authentication
Two-factor authentication (2FA) adds a second method of identity verification to secure accounts and increases security. The first method is the password, the added second method being something unique to users, such as a fingerprint.
Source: Deloitte, Mckinsey
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