A Cybersecurity Control Framework for Blockchain Ecosystems

Canelón, Jesús; Huerta, Esperanza; Incera, José; Ryan, Terry

doi:10.4192/1577-8517-v19_5

Cited by 6 publications

(5 citation statements)

References 18 publications

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“…The decentralised and transparent nature of Blockchain introduces unique vulnerabilities that require advanced security measures (Kushwaha et al, 2022). Furthermore, the lack of a common framework for developing and implementing security management practices for Blockchain poses challenges in managing cybersecurity risks (Canelon et al, 2019). The absence of a protocol for documenting and reporting incidents hinders the ability to learn from past mistakes and improve security practices.…”

Section: Technical Challengesmentioning

confidence: 99%

Managing Cybersecurity Risks in Emerging Technologies

YAACOB,

SYED IDRUS,

IDRIS

2023

IJBT

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Nowadays, it has become increasingly important for companies to effectively manage cybersecurity risks in emerging technologies. This article presents an overview of cybersecurity in these technologies. It sheds light on the obstacles that businesses encounter when dealing with these risks. The field of cybersecurity poses challenges that need to be overcome. Technical challenges include securing communication networks and protecting data and systems from threats. Moreover, it is crucial to ensure the dependability and trustworthiness of emerging technologies. Organisational challenges involve preparing and training employees and devising effective strategies to address the unique cybersecurity issues associated with new technologies. Regulatory challenges arise due to changing compliance requirements in a global context where different countries have diverse cybersecurity laws. To effectively manage cybersecurity risks, it is essential to follow established risk management practices, such as identifying and assessing risks systematically. However, there are gaps in research and practices that should be addressed. These gaps include the lack of frameworks for conducting cost-benefit analyses, a limited understanding of the role played by error in cybersecurity incidents, and the necessity for comprehensive strategies to deal with the constantly evolving landscape of cybersecurity threats. Bridging these gaps requires investigation along with developing effective strategies for improving cybersecurity in emerging technologies.

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Section: Technical Challengesmentioning

confidence: 99%

Managing Cybersecurity Risks in Emerging Technologies

YAACOB,

SYED IDRUS,

IDRIS

2023

IJBT

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“…These apps run on a custom-built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property” (Kaal and Calcaterra, 2017, p. 115). Canelòn et al (2019, p. 123) argue that “a nascent industry satisfies this need by offering to the audit of smart contract code where one or more auditors evaluate the code for vulnerabilities before its insertion into a blockchain”.…”

Section: Insights and Critique Of Findings Through Analysing The Datasetmentioning

confidence: 99%

The disruption of blockchain in auditing – a systematic literature review and an agenda for future research

Lombardi

Villiers

Moscariello

et al. 2021

AAAJ

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PurposeThis paper presents a systematic literature review, including content and bibliometric analyses, of the impact of blockchain technology (BT) in auditing, to identify trends, research areas and construct an agenda for future research.Design/methodology/approachThe authors include studies from 2010 to 2020 in their structured literature review (SLR), using accounting journals on the Scopus database, which yielded 40 articles with blockchain and auditing at its core.FindingsOne of the contributions of the authors’ analyses is to group the prior research, and therefore also the agenda for future research, into three main research areas: (1) Blockchain as a tool for auditing professionals to improve business information systems to save time and prevent fraud; (2) Smart contracts enabling Audit 4.0 efficiency, reporting, disclosure and transparency; (3) Cryptocurrency and initial coin offerings (ICOs) as a springboard for corporate governance and new venture financing. The authors’ findings have several important implications for practice and theory.Practical implicationsThe results of this study emphasise that (1) the disruption of blockchain in auditing is in a nascent phase and there is a need for compelling empirical studies and potential for the involvement of practitioners; (2) there may be a need to reconsider audit procedures especially suited for digitalisation and BT adoption; (3) standards, guidelines and training are required to pivot towards and confront the challenge BT will represent for auditing; and (4) there are two sides to the BT coin for auditing, enthusiasm about the potential and risk upon implementation. These practical implications can also be seen as a template for future research in a quest to align theory and practice.Originality/valueThe authors’ SLR facilitates the identification of research areas and implications, forming a useful baseline for practitioners, professionals and academics, as they draft the state of the art on the disruption of blockchain in auditing, highlighting how BT is changing auditing activities and traditions.

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“…Moreover, there is the possibility to automate some external auditing functions over the blockchain to improve audit quality and narrow the expectation gap between auditors, financial statement users and regulatory bodies (Rozario and Vasarhelyi, 2018). Some authors call for the appearance of a new brand of auditor that can offer attestation services for independent evaluations of blockchain controls (Canelón et al , 2019; Sheldon, 2019).…”

Section: Key Research Topics: Focus and Critiquementioning

confidence: 99%

“…This raises sustainability questions and may not be an issue that gets resolved until renewable energy accounts for most of our energy production (Coyne and McMickle, 2017). Three further risks are often raised, each surrounding changing business processes (Canelón et al , 2019; Coyne and McMickle, 2017; Kokina et al , 2017). The first relates to the centralisation of computing power, also called the “51% attack risk”, which can happen when most of the computing power in a blockchain's network is centralised.…”

Section: Key Research Topics: Focus and Critiquementioning

confidence: 99%

Blockchain in accounting research: current trends and emerging topics

Garanina

Ranta

Dumay

2021

AAAJ

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PurposeThis paper provides a structured literature review of blockchain in accounting. The authors identify current trends, analyse and critique the key topics of research and discuss the future of this nascent field of inquiry.Design/methodology/approachThis study’s analysis combined a structured literature review with citation analysis, topic modelling using a machine learning approach and a manual review of selected articles. The corpus comprised 153 academic papers from two ranked journal lists, the Association of Business Schools (ABS) and the Australian Business Deans Council (ABDC), and from the Social Science Research Network (SSRN). From this, the authors analysed and critiqued the current and future research trends in the four most predominant topics of research in blockchain for accounting.FindingsBlockchain is not yet a mainstream accounting topic, and most of the current literature is normative. The four most commonly discussed areas of blockchain include the changing role of accountants; new challenges for auditors; opportunities and challenges of blockchain technology application; and the regulation of cryptoassets. While blockchain will likely be disruptive to accounting and auditing, there will still be a need for these roles. With the sheer volume of information that blockchain records, both professions may shift out of the back-office toward higher-profile advisory roles where accountants try to align competitive intelligence with business strategy, and auditors are called on ex ante to verify transactions and even whole ecosystems.Research limitations/implicationsThe authors identify several challenges that will need to be examined in future research. Challenges include skilling up for a new paradigm, the logistical issues associated with managing and monitoring multiple parties all contributing to various public and private blockchains, and the pressing need for legal frameworks to regulate cryptoassets.Practical implicationsThe possibilities that blockchain brings to information disclosure, fraud detection and overcoming the threat of shadow dealings in developing countries all contribute to the importance of further investigation into blockchain in accounting.Originality/valueThe authors’ structured literature review uniquely identifies critical research topics for developing future research directions related to blockchain in accounting.

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A Cybersecurity Control Framework for Blockchain Ecosystems

Cited by 6 publications

References 18 publications

Managing Cybersecurity Risks in Emerging Technologies

Managing Cybersecurity Risks in Emerging Technologies

The disruption of blockchain in auditing – a systematic literature review and an agenda for future research

Blockchain in accounting research: current trends and emerging topics

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