国际清算银行-央行数字货币（CBDC）信息安全和央行操作风险（英）-2023.11-73页_1mb

CBDC Information Security and Operational Risks Summary

This report from the Bank for International Settlements (BIS) analyzes the risks associated with central bank digital currencies (CBDCs) for central banks, emphasizing an integrated risk management (IRM) approach. The analysis covers design choices, operational risks, cyber security, legal considerations, and strategic implications.

1. Introduction to CBDCs and Risks

• CBDCs are digital forms of central bank money, with global central banks rapidly exploring or implementing them.
• Key risks include operational, technology, third-party, business continuity, and cyber security challenges.
• These risks can alter a central bank's risk profile and require careful management throughout the CBDC lifecycle.

2. Key Design Choices

• Design Factors: CBDC implementation involves decisions on models (direct, hybrid, intermediated), technology (e.g., centralized vs. distributed ledger), availability (online/offline), and architecture.
• Influencing Factors: Core factors include economic, technological, legal, and cultural aspects, while external factors encompass ecosystem features like financia
  development and digital infrastructure.

3. Risk Categories and Mitigation

• Operational Risks: Include errors in processes, IT failures, and systemic failures. Mitigation involves assessing internal capabilities and transitioning risks to third parties.
• Technology Risks: Such as scalability issues with DLT, maintenance challenges, and vulnerabilities in new tech. Mitigation includes phased adoption and robust frameworks.
• Third-Party Risks: Arise from dependencies on vendors, potential vendor lock-in, and inadequate oversight. A lifecycle approach (onboarding, monitoring, offboarding) is recommended.
• Business Continuity Risks: Demand resilience plans to handle disruptions, ensuring service reliability through robust business continuity management (BCM).
• Cyber Security Risks: Pose significant threats due to evolving attack landscapes; no standardized framework exists for DLT-based CBDCs, requiring tailored analyses and threat modeling.

4. Additional Risk Areas

• Legal and Compliance Risks: Stem from incomplete legal frameworks, data privacy concerns, and interoperability with existing laws.
• Enterprise Risks: Strategic issues like communication failures, design errors, and ecosystem incompatibilities.
• ESG Risks: Environmental (e.g., energy consumption) and social impacts must be integrated into risk assessments.
• Project Risks: Involve managing complex lifecycles, including design, development, and implementation.

5. Integrated Risk Management Framework

• An IRM framework is essential to coordinate risk categories across CBDC lifecycles, emphasizing flexibility and comprehensive assessment.
• Collaboration with stakeholders and robust supervision are critical for mitigating outsourced risks.

6. Conclusions

Issuing a CBDC is a transformative initiative that requires strategic risk management. Central banks must adopt integrated approaches to address inevitable risks and ensure resilience, balancing innovation, security, and operational efficiency.