Treadway Commission to Issue Blockchain Security Guidance in 2020

An organization that combats corporate fraud will issue guidance for firms using blockchain technology.

The Committee of Sponsoring Organizations of the Treadway Commission (COSO), commonly referred to as the Treadway Commission, will issue guidance to strengthen controls over uses of blockchain in supply chain management and financial services.

The report cites hackers demanding ransoms paid in cryptocurrency.

“[C]yber risks cannot be avoided, but such risks can be managed through careful design and implementation of appropriate responses and recovery processes,” COSO writes.

Paul Sobel, COSO’s chairman, told the WSJ it’s a “very different view of the world” when companies use distributed ledgers, as control over the database isn’t maintained internally.

The organization did not respond to a request for comment.

Source: coindesk

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