Blockchain can bring transformational benefits to businesses, but also comes with risks that need to be identified and mitigated, as detailed in a new joint white paper from ISACA and AICPA & CIMA, Blockchain Risk: Considerations for Professionals.
Developed by the ISACA-AICPA & CIMA Joint Blockchain Working Group, whose mission is to identify and document risk associated with private blockchains, Blockchain Risk documents, describes and provides context around specific risk related to blockchain implementation and operation, organized by five key domains—governance, infrastructure, data, key management and smart contracts.
“Many enterprises are eager to harness the power of blockchain to transform their businesses or operations,” said Dustin Brewer, ISACA senior director, emerging technology and innovation, and member of the ISACA-AICPA & CIMA Joint Blockchain Working Group. “While there can be great benefits to using blockchain, practitioners should ensure they fully understand all types of risk to avoid potentially exposing their business to vulnerabilities, attack vectors or other issues before implementing—or even retroactively, if needed.”
Blockchain Risk emphasizes that a broad array of practitioners—from CPAs and IT auditors to cybersecurity professionals and those in management roles—should gain an understanding of blockchain risk.
To download a complimentary copy of Blockchain Risk, visit https://store.isaca.org/s/store#/store/browse/detail/a2S4w000004Ko4sEAC, where you will also find ISACA’s blockchain framework and audit program. Join online discussions around blockchain and other emerging technology topics within the ISACA Emerging Technologies Engage Community.