banking sector busted because of data breach

This offers policy makers and regulators ample options to choose a technological design that is both reasonably secure and leverages the unique benefits a CBDC can provide. The design space for CBDCs is larger than the often-presented trifecta of centralized databases, distributed ledgers, and token models.Legislatures, finance ministries, and central banks should choose which CBDC design variant to deploy based on a country’s policy priorities. Each CBDC currency design variant presents different trade-offs in terms of performance, security, and privacy.The exact set of new risks will depend on the digital currency variant that a country chooses for its CBDC system. Deploying a CBDC would create new cybersecurity risks for the financial system and its participants.Current US payment systems, administered by the Fed, industry associations, and commercial banks, face a complex cybersecurity landscape and represent a major point of attack for both organized crime and state-sponsored actors.All of this is possible under current technological systems. It is up to policy makers to make the appropriate foundational design choices that will enable central banks and private payment service providers to develop safe CBDCs. Cybersecurity concerns should not prevent creation of a CBDC.

Banking sector busted because of data breach