Abstract
The first cryptocurrency was invested in 2008/09, but the
Blockchain-Web3 concept is still in its infancy, and the cyber risk is
constantly changing. Our cybersecurity should also be adapting to these
changes to ensure security of personal data and continuation of business
for organisations. This review paper starts with a comparison of
existing cybersecurity standards and regulations from the National
Institute of Standards and Technology (NIST) and the International
Organization for Standardization (ISO) - ISO27001, followed by a
discussion on more specific and recent standards and regulations, such
as the Markets in Crypto-Assets Regulation (MiCA), Committee on Payments
and Market Infrastructures and the International Organisation of
Securities Commissions (CPMI-IOSCO), and more general cryptography and
post-quantum cryptography, in the context of cybersecurity. These topics
are followed up by a review of recent technical reports on cyber
risk/security and a discussion on cloud security questions. Comparison
of Blockchain cyber risk is also performed on the recent EU standards on
cyber security, including European Cybersecurity Certification Scheme
(EUCS) – cloud, and additional US standards – The National
Vulnerability Database (NVD) Common Vulnerability Scoring System (CVSS).
The study includes a review of Blockchain endpoint security, and new
technologies e.g., IoT. The research methodology applied is a review and
case study analysing secondary data on cybersecurity. The research
significance is the integration of knowledge from the United States
(US), the European Union (EU), the United Kingdom (UK), and
international standards and frameworks on cybersecurity that can be
alighted to new Blockchain projects. The results show that cybersecurity
standards are not designed in close cooperation between the two major
western blocks - US and EU. In addition, while the US is still leading
in this area, the security standards for cryptocurrencies,
internet-of-things, and blockchain technologies have not evolved as fast
as the technologies have. The key finding from this study is that
although the crypto market has grown into a multi-trillion industry, the
crypto market has also lost over 70% since its peak, causing
significant financial loss for individuals and cooperation’s. Despite
this significant impact to individuals and society, cybersecurity
standards and financial governance regulations are still in their
infancy.