New blockchain security guidelines have been proposed by the Treadway Commission to oversee blockchain security concerns.
The organization highlighted the challenges the industry is facing in trying to implement security measures. They also indicated that these guidelines would be able to start a conversation surrounding the safety of these technologies.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is expected to release blockchain security gain in the first quarter of 2020. The organization has indicated that the guide will be voluntary opt-in service offered to companies that use blockchain technology.
New blockchain security guidelines
The organization indicated that these guidelines will help in strengthening the usage of blockchain in supply chain management and financial services. COSO is responsible for offering advice on corporate governance and risk management with most of its guidelines being opt-in for companies and organizations.
Paul Sobel, chairman of COSO said,
I want to make sure that we’ve got that properly controlled because it is a very different view of the world when you have distributed ledgers, “It isn’t something that is contained in your own system.
In the report that was released on December 17th, the organization indicated as companies become more open-minded and start integrating technologies such as artificial intelligence and blockchain, cyber attackers are also learning.
They noted with concern that a lot of cyber attackers are demanding payments with cryptocurrencies.
Therefore, these guidelines will help companies be able to mitigate such factors in case they occur. COSO, in a written statement, said, such attacks are hard to prevent, however, the risks can be managed through the appropriate course of action once such events happen.
Sobel concluded by saying that he hoped that these guidelines would start a conversation surrounding the security of these technologies. He was also hopeful that the guidelines would also help in creating an oversight to mitigate risks arising from these technologies.
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