Towards an industry-wide
Distributed Ledger Technology
This whitepaper published by The Depository Trust & Clearing Corporation (DTCC) presents a case for establishing a comprehensive industry-wide Distributed Ledger Technology (DLT) Security Framework to review existing security guidelines, address gaps in the current approach to DLT security and highlight the need for robust standards.
DTCC also suggests the formation of an industry consortium to spearhead the development of a principles-based framework to identify and address DLT-specific security risks. The prominence of this framework would increase as DLT adoption accelerates in the financial services sector.
An established DLT Security Framework has the potential to enhance risk evaluations as part of firms’ security assessments. This could include establishing best practices and tools in areas such as risk management and oversight, cybersecurity controls, third-party management and incident and event management.