中央银行数字货币生态系统的网络弹性（英）2024

Investment Rating - The report does not explicitly provide an investment rating for the Central Bank Digital Currency (CBDC) ecosystem Core Insights - The CBDC ecosystem is a complex and interconnected system that poses significant cyber risks, necessitating robust security measures to maintain public trust and operational resilience [14][15][31] - The design choices for CBDCs have substantial implications for their operational and cyber resilience, with various models (retail vs. wholesale, token vs. account-based) presenting different risk profiles [17][18][46] Summary by Sections Introduction - Over 100 central banks are exploring CBDCs to modernize payment systems and enhance resilience and security [14] - CBDCs create a complex ecosystem that amplifies existing risks and introduces new ones [14][15] Section I: Cyber Risk: Context and Overview - CBDCs face digital risks that intersect with traditional payment system risks, requiring a focus on confidentiality, integrity, and availability [20][21] - Human vulnerabilities account for over 80% of cyberattacks, highlighting the importance of security hygiene and training [21] Section II: Cyber Risk in the CBDC Ecosystem - The CBDC ecosystem is highly interconnected, with various participants that can be points of failure [32] - Unique cyber risks for CBDCs include compromises of core servers, payment systems, and insider threats [38][39] Section III: Design and Technology Choices: Cybersecurity Implications - Design choices for CBDCs affect their risk profile and require safeguards for information confidentiality and service availability [46] - The report discusses various design options, including distribution models and token vs. account-based systems, each with distinct security considerations [47][50] Section IV: Foundational Requirements and Good Practices for a Resilient CBDC Ecosystem - Emphasizes the need for strong governance, risk management, and cybersecurity frameworks from the initial stages of CBDC development [45] - Highlights the importance of collaboration among stakeholders and the establishment of national cybersecurity strategies [41][42]