Ensuring CBDC cybersecurity, scalability and resilience in the new digital economy

The boom in digital payments systems has coincided with increased use of cloud infrastructure. Since digital payments often require the exchange of personally identifiable information such as know-your-customer data, the growing reliance on digital systems is making them a target of cyberattacks. Two-thirds of central banks surveyed as part of OMFIF’s ‘Future of payments 2022’ report are aiming to issue a central bank digital currency within 10 years. These central banks will have to grapple with the challenge of cybersecurity, ensuring they have an effective and robust approach to secure data storage as they transition to new systems.

Xiaochen Zhang, global head of innovation & GTM at AWS, and Majid Malaika, senior adviser to the vice governor at the Saudi Central Bank, join OMFIF to explore the challenges of implementing secure, resilient and scalable CBDCs. They also examine the role of agile cybersecurity solutions from inception, operational and IT readiness of central banks and the buttressing of financial system stability.

Timings: 
14:00 – 15:00 London
09:00 – 10:00 New York
22:00 – 23:00 Singapore

Speakers:

This discussion is part of the OMFIF Digital Monetary Institute. The OMFIF Digital Monetary Institute is a high-level forum which convenes key policy-makers, technology experts, investors and regulators to explore the challenges, opportunities and implications of digital finance in the 2020s. See more information on OMFIF’s DMI here. Please contact folusho.olutosin@omfif.org directly for membership details or register your interest below and we’ll be in touch.