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Review and comparison of US, EU, and UK regulations on cyber risk/security of the current Blockchain Technologies - viewpoint from 2023

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  • Petar, Radanliev

Abstract

The results of this study 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.

Suggested Citation

  • Petar, Radanliev, 2023. "Review and comparison of US, EU, and UK regulations on cyber risk/security of the current Blockchain Technologies - viewpoint from 2023," MPRA Paper 116885, University Library of Munich, Germany, revised 2023.
    • Handle: RePEc:pra:mprapa:116885
    as

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    File URL: https://mpra.ub.uni-muenchen.de/116885/1/MPRA_paper_116885.pdf
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    References listed on IDEAS

    as
    1. Gregory Falco & Alicia Noriega & Lawrence Susskind, 2019. "Cyber negotiation: a cyber risk management approach to defend urban critical infrastructure from cyberattacks," Journal of Cyber Policy, Taylor & Francis Journals, vol. 4(1), pages 90-116, January.
    2. Katya Delak & Tarik Hansen, 2022. "Security Considerations for a Central Bank Digital Currency," FEDS Notes 2022-02-03-1, Board of Governors of the Federal Reserve System (U.S.).
    3. Mr. Ashraf Khan & Majid Malaika, 2021. "Central Bank Risk Management, Fintech, and Cybersecurity," IMF Working Papers 2021/105, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Cyber Risk Assessment; Cloud Cybersecurity Standards; Financial Governance; DeFi; NIST; ISO27001; IoT; Blockchain Technologies; Metaverse; Cryptocurrencies.;
    All these keywords.

    JEL classification:

    • A3 - General Economics and Teaching - - Multisubject Collective Works
    • F3 - International Economics - - International Finance
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • F6 - International Economics - - Economic Impacts of Globalization
    • G2 - Financial Economics - - Financial Institutions and Services
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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