Assignment 10 Blockchain Security Audit for a Supply Chain Company.docx | CSIS 343 - Cybersecurity
2. Potential Weaknesses and Attack Vectors:
a. 51% Attacks: If an entity controls more than 50% of a blockchain network's computing power (in PoW blockchains), it can potentially manipulate transaction histories. However, achieving this control is resource-intensive and costly. b. Sybil Attacks: Attackers could flood the network with many nodes to gain control. Proper identity verification and consensus mechanisms help mitigate this. c. Smart Contract Vulnerabilities: Bugs or vulnerabilities in smart contracts can be exploited to drain funds or disrupt operations.
Recommendations for Maintaining Availability and Continuity:
Redundancy:
Node Distribution: Ensure that nodes are geographically distributed. This prevents localized disruptions (e.g., natural disasters) from affecting the entire network. Multiple Consensus Nodes: For networks like Bitcoin, having multiple mining pools ensures that no single entity can control the majority of the network's computing power.
Disaster Recovery Planning:
Regular Backups: Maintain regular backups of the blockchain data. Hot and Cold Wallets: Use a combination of hot wallets (online and accessible) for regular transactions and cold wallets (offline and secure) for storing significant amounts of assets. Incident Response Team: Establish a team trained to respond quickly to any potential threats or disruptions. This team should be well-versed in both the technical aspects of blockchain and the specific vulnerabilities of the network they manage.
Security Measures:
Regular Audits: Conduct regular security audits of the blockchain's codebase and smart contracts. Penetration Testing: Simulate attack scenarios to identify potential vulnerabilities. Hardware Security: Ensure that hardware components (e.g., mining rigs) are secure against physical tampering. Education and Training: Continuously educate stakeholders about best practices, potential threats, and the importance of maintaining the network's integrity. Updates and Upgrades: Stay updated with the latest developments in blockchain technology. Implement necessary upgrades to address known vulnerabilities. In conclusion, while blockchain networks offer robust resilience against many threats, maintaining their security and continuity requires proactive measures, continuous monitoring, and adaptation to emerging challenges.