As cyber threats to the industry continue to evolve in complexity and intensity, emerging technologies such as permissioned blockchains can contribute to the important goals of combating cybersecurity risks and adequately protect consumers’ financial information and the integrity of the global financial system, tech giant Microsoft said on Friday.
Ahead of the release of its white paper ‘Advancing Blockchain Cybersecurity: Technical and Policy Considerations for the Financial Services Industry’ to be published jointly with the Chamber of Digital Commerce, Microsoft claimed that the financial services industry stands to benefit tremendously from the growth of blockchain, given the technology’s many financial services applications, including effecting transactions and storing data in a more secure manner.
Furthermore, the firm stated that permissioned blockchains offer significant cyber-security capabilities, share some of the same cyber risks that affect other IT systems, and have unique characteristics, all of which merit further evaluation by regulators and industry.
Microsoft’s whitepaper offers several policy recommendations…
