An empirical analysis of blockchain cybersecurity incidents

Ayman Alkhalifah; Alex Ng; Mohammad Jabed Morshed Chowdhury; A. S.M. Kayes; Paul A. Watters

doi:10.1109/CSDE48274.2019.9162381

An empirical analysis of blockchain cybersecurity incidents

Ayman Alkhalifah, Alex Ng, Mohammad Jabed Morshed Chowdhury, A. S.M. Kayes, Paul A. Watters

Research output: Chapter in Book/Report/Conference proceeding › Conference proceeding contribution › peer-review

12 Citations (Scopus)

Abstract

The establishment of Bitcoin in 2008 has introduced Blockchain technology to become the predominant new ways in digital transactions in many fields, such as energy, healthcare, and financial services. Although blockchain technology promised many advantages, it has suffered from various attacks with significant financial loses. We analyse 65 cybersecurity incidents that have been happening on the blockchain networks between 2011 and the first half-year of 2019. We categorize those incidents against the key cybersecurity vulnerabilities in blockchain technology, which showed an upward trend of an increasing number of attacks which dues to lack of security controls in the digital currency exchange and vulnerability in smart contracts. This result of this research highlights the needs in a major overhaul of the blockchain technology.

Original language	English
Title of host publication	2019 IEEE Asia-Pacific Conference on Computer Science and Data Engineering, CSDE 2019
Place of Publication	Piscataway, USA
Publisher	Institute of Electrical and Electronics Engineers (IEEE)
Number of pages	8
ISBN (Electronic)	9781728163031, 9781728163048
DOIs	https://doi.org/10.1109/CSDE48274.2019.9162381
Publication status	Published - Dec 2019
Externally published	Yes
Event	2019 IEEE Asia-Pacific Conference on Computer Science and Data Engineering, CSDE 2019 - Melbourne, Australia Duration: 9 Dec 2019 → 11 Dec 2019

Conference

Conference	2019 IEEE Asia-Pacific Conference on Computer Science and Data Engineering, CSDE 2019
Country/Territory	Australia
City	Melbourne
Period	9/12/19 → 11/12/19

Keywords

Bitcoin
Blockchain
Cybersecurity
Ethereum
Risk
Smart Contract
Threat
Vulnerability

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10.1109/CSDE48274.2019.9162381

Cite this

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title = "An empirical analysis of blockchain cybersecurity incidents",

abstract = "The establishment of Bitcoin in 2008 has introduced Blockchain technology to become the predominant new ways in digital transactions in many fields, such as energy, healthcare, and financial services. Although blockchain technology promised many advantages, it has suffered from various attacks with significant financial loses. We analyse 65 cybersecurity incidents that have been happening on the blockchain networks between 2011 and the first half-year of 2019. We categorize those incidents against the key cybersecurity vulnerabilities in blockchain technology, which showed an upward trend of an increasing number of attacks which dues to lack of security controls in the digital currency exchange and vulnerability in smart contracts. This result of this research highlights the needs in a major overhaul of the blockchain technology. ",

keywords = "Bitcoin, Blockchain, Cybersecurity, Ethereum, Risk, Smart Contract, Threat, Vulnerability",

author = "Ayman Alkhalifah and Alex Ng and Chowdhury, {Mohammad Jabed Morshed} and Kayes, {A. S.M.} and Watters, {Paul A.}",

year = "2019",

month = dec,

doi = "10.1109/CSDE48274.2019.9162381",

language = "English",

booktitle = "2019 IEEE Asia-Pacific Conference on Computer Science and Data Engineering, CSDE 2019",

publisher = "Institute of Electrical and Electronics Engineers (IEEE)",

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note = "2019 IEEE Asia-Pacific Conference on Computer Science and Data Engineering, CSDE 2019 ; Conference date: 09-12-2019 Through 11-12-2019",

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Alkhalifah, A, Ng, A, Chowdhury, MJM, Kayes, ASM & Watters, PA 2019, An empirical analysis of blockchain cybersecurity incidents. in 2019 IEEE Asia-Pacific Conference on Computer Science and Data Engineering, CSDE 2019., 9162381, Institute of Electrical and Electronics Engineers (IEEE), Piscataway, USA, 2019 IEEE Asia-Pacific Conference on Computer Science and Data Engineering, CSDE 2019, Melbourne, Australia, 9/12/19. https://doi.org/10.1109/CSDE48274.2019.9162381

An empirical analysis of blockchain cybersecurity incidents. / Alkhalifah, Ayman; Ng, Alex; Chowdhury, Mohammad Jabed Morshed et al.
2019 IEEE Asia-Pacific Conference on Computer Science and Data Engineering, CSDE 2019. Piscataway, USA: Institute of Electrical and Electronics Engineers (IEEE), 2019. 9162381.

Research output: Chapter in Book/Report/Conference proceeding › Conference proceeding contribution › peer-review

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T1 - An empirical analysis of blockchain cybersecurity incidents

AU - Alkhalifah, Ayman

AU - Ng, Alex

AU - Chowdhury, Mohammad Jabed Morshed

AU - Kayes, A. S.M.

AU - Watters, Paul A.

PY - 2019/12

Y1 - 2019/12

N2 - The establishment of Bitcoin in 2008 has introduced Blockchain technology to become the predominant new ways in digital transactions in many fields, such as energy, healthcare, and financial services. Although blockchain technology promised many advantages, it has suffered from various attacks with significant financial loses. We analyse 65 cybersecurity incidents that have been happening on the blockchain networks between 2011 and the first half-year of 2019. We categorize those incidents against the key cybersecurity vulnerabilities in blockchain technology, which showed an upward trend of an increasing number of attacks which dues to lack of security controls in the digital currency exchange and vulnerability in smart contracts. This result of this research highlights the needs in a major overhaul of the blockchain technology.

AB - The establishment of Bitcoin in 2008 has introduced Blockchain technology to become the predominant new ways in digital transactions in many fields, such as energy, healthcare, and financial services. Although blockchain technology promised many advantages, it has suffered from various attacks with significant financial loses. We analyse 65 cybersecurity incidents that have been happening on the blockchain networks between 2011 and the first half-year of 2019. We categorize those incidents against the key cybersecurity vulnerabilities in blockchain technology, which showed an upward trend of an increasing number of attacks which dues to lack of security controls in the digital currency exchange and vulnerability in smart contracts. This result of this research highlights the needs in a major overhaul of the blockchain technology.

KW - Bitcoin

KW - Blockchain

KW - Cybersecurity

KW - Ethereum

KW - Risk

KW - Smart Contract

KW - Threat

KW - Vulnerability

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BT - 2019 IEEE Asia-Pacific Conference on Computer Science and Data Engineering, CSDE 2019

PB - Institute of Electrical and Electronics Engineers (IEEE)

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T2 - 2019 IEEE Asia-Pacific Conference on Computer Science and Data Engineering, CSDE 2019

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ER -

An empirical analysis of blockchain cybersecurity incidents

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