Cybersecurity and Surveillance Strategies in the Banking Sector: The Threat of CryptoJacking and ENISA's Methodologies against the Dark Side of Cryptocurrencies

Abstract

This paper examines the actions taken by commercial banks to develop effective surveillance strategies for the identification of the origins of clients' digital assets within the cryptocurrency sector. Informed by the European Union Agency for Cybersecurity (ENISA) guidelines, this study integrates insights from compliance expert interviews, a case study of Barclays, and a thorough analysis of existing literature to enhance cybersecurity measures in response to increasing threats in digital transactions such as cryptojacking. The research emphasizes constructing a methodical approach for organizations to enhance their established defenses against cryptocurrency-related risks by integrating ENISA principles. The proposed strategy focuses on improving transaction traceability and monitoring capabilities of blockchain technologies while acknowledging technological challenges related to regulatory and safety compliance. The provided in-depth analysis of blockchain and cryptocurrency technologies present in this paper advocates for strict regulatory frameworks to navigate these complexities and enhance overall resilience towards this threat.