https://www.omgwiki.org/CBDC/ 2026-06-12T03:59:04-0400 https://www.omgwiki.org/CBDC/ https://www.omgwiki.org/CBDC/lib/tpl/dokuwiki/images/favicon.ico text/html 2022-06-17T19:01:27-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:20_comments:brp:q11:01_risk&rev=1655506887&do=diff 1. Risk of a Software Crisis Return to Question 11 For these reasons, the Object Management Group's (OMG) CBDC WG recommends the adoption of a systematic effort for the development of an SoS identified as a Mission-Critical SoS. The CBDC also has a potential System Lifecycle that spans decades at a minimum. The need for an SoS, long-lived, Mission-Critical System sets the stage for the biggest risks for the U.S. CBDC text/html 2022-06-17T19:02:49-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:20_comments:brp:q11:02_risks&rev=1655506969&do=diff 2. Risk of Lack of Stakeholder Buy-In Return to Question 11 A major risk confronting the U.S. CBDC is the lack of Stakeholders' “buy-in”. The Stakeholders for a U.S. CBDC is far beyond just the Federal Reserve. The definition is applied to the U.S. CBDC is a large and spreading network of other U.S. Government Departments and Agencies, the current financial institutions that participate in the U.S. Finacial system, the U.S. Executive and Legislative Branches of the U.S. Government, int… text/html 2022-06-17T19:04:00-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:20_comments:brp:q11:03_risks&rev=1655507040&do=diff 3. Risk Due to Poor Community of Interest (CoI) Governance Return to Question 11 Governance of a Community of Interest (CoI) just does not happen by chance. It must be a well-thought-out formal organization with strict Policies and Procedures in place to guarantee the whole community is represented and can help formulate the solution or in this case, solutions to solving the Community's problem (i.e., U.S. CBDC). Too often, the Governance is considered by using text/html 2022-06-17T19:04:52-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:20_comments:brp:q11:04_risks&rev=1655507092&do=diff 4. Risk Due to lack of Broad, Wide-Ranging Security Planning Return to Question 11 An important way to make sure the Security Planning is adequate is to design it into the U.S. CBDC from the onset, especially if the U.S. CBDC adopts the use of Distributed Technologies currently in wide use in cryptocurrencies. First, it is important to detail what needs to be secure and why. See Table text/html 2022-06-17T19:05:43-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:20_comments:brp:q11:05_risks&rev=1655507143&do=diff 5. Risk of Data being hacked due to weak Security Infrastructure Return to Question 11 When Senator Mark Warner (D-VA) questioned witness Dr. Neha Narula, Director of the Digital Currency Initiative at MIT, on security risks associated with cryptocurrencies, she responded that, with respect to ransomware attacks, the issue is that valuable data has not been properly secured, and suggested that a CBDC could have built-in safeguards. She also believed that open-source software is critical f… text/html 2022-06-17T19:06:38-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:20_comments:brp:q11:06_risks&rev=1655507198&do=diff 6. Risk of Meta-Data being hacked due to weak Security Infrastructure Return to Question 11 Metadata is data about data. Although this data can provide specific insight into personal data such as Personal Identifiable Information (PII) (see Privacy Concerns), there is also a problem with hackers gaining access to Metadata. text/html 2022-06-17T19:07:11-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:20_comments:brp:q11:07_risks&rev=1655507231&do=diff 7. Risk of Business Processes Being Hacked Return to Question 11 Some government business processes need to be kept confidential, secret, or even top-secret when it comes to trying to audit or discover illegal or criminal activities. The reason is that if the processes were made readily available to the public, then the business process can be text/html 2022-06-17T19:08:45-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:20_comments:brp:q11:08_risks&rev=1655507325&do=diff 8. Risk of competing Currency Models for the CBDC Return to Question 11 There are three categories of Currency Models used within the White Paper and identified in the Object Management Group's - CBDC WG White Paper Analysis There is little to no explanation of why there are three different models used and no real explanation of when each is appropriate. Without clear guidance, this will continue to plague the U.S. CBDC effort. text/html 2022-06-17T18:59:28-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:20_comments:brp:q11:start&rev=1655506768&do=diff Question: 11. Are there additional ways to manage potential risks associated with CBDC that were not raised in this paper? Return to CBDC Benefits, Risks, and Policy Considerations Question Return to Top Are there additional ways to manage potential risks associated with CBDC that were not raised in this paper?