CBDC Cybersecurity: A Work in ProgressIDBI Bank's Dutta on CBDCs as a Conditional Secure Payment Service
Even as the world wakes up to headlines of hackers stealing billions in cryptocurrency, countries including India are mulling a state-run Central Bank Digital Currency. India's CBDC is intended to offer better security and stability than its commercial counterparts.
While security has often been an afterthought in some sectors of the banking industry, it is now being baked into products and services during their development stage says Dr. Sourav Dutta, executive director of IT at IDBI Bank. And CBDCs, built on inherently secure technology, are an example of this approach.
"Blockchain is based on cryptographic technology, with security built in from day one, unlike other technologies… [It also allows for] faster security audits (and) implementation from a banking perspective," Dutta said.
In this video interview with Information Security Media Group, Dutta discussed:
- The cons of using blockchain in the payments system;
- How bad actors can use non-fungible tokens for money laundering;
- The current state of cybersecurity in the banking industry;
Dutta has more than 32 years experience in the IT sector, and has worked with giants such as IBM and Tech Mahindra in the past. He is currently focused on building sustainable business solutions in the banking, fintech, cloud computing, business analytics and enterprise architecture ecosystems. He is also a senior member of the Institute of Electrical and Electronics Engineers (IEEE) standards committee and the Cloud Standards Customer Council.