Cybersecurity Risk Management Plan for a Blockchain Application Model

Abstract

The substantive increase in the use of internet-based technologies has subjected organizations to malicious attacks. Cybersecurity is the practice of protecting systems, networks, and programs from digital attacks. A blockchain is a data structure, which stores transactional records in the form of a block chained and stored in several databases, and is fundamentally a digital ledger of transactions (DLT) that upon duplication is distributed on the blockchain throughout the entire computer network. To improve on cybersecurity, machine learning is considered for data mining among the data. This research is purposed to determine a cybsersecurity risk management plan, develop a Blockchain Technology Application Model that manages cyber risks and vulnerabilities, ascertain how the Framework of Blockchain Technology and Cryptocurrency addresses cyber risks and creates value to the financial services sector. The research used the Pragmatism paradigm, which is a philosophy that is closely linked to the Mixed Method Research (MMR). The Focus Group comprised a total of 100 participants from the Masters students attending the Applied Business Informatics module taught by the author at the University of Zimbabwe in 2020. An Online survey method was also used for the quantitative approach where 10 participants were involved. The National Institute of Standards and Technology (NIST) Cybersecurity Framework and the General deterrence theory (GDT) were used to formulate the Cybersecurity strategy. Blockchain cyber vulnerabilities were determined. A model structure for block chain technology and cryptocurrency was developed and an explanation provided on how the framework of Blockchain Technology and Cryptocurrency addresses cyber risks and creates value to financial services sector.

Keywords