A security risk assessment method for distributed ledger technology-based applications: three industry case studies

Purpose This study aims to investigate the impact of cybersecurity vulnerabilities on the effective implementation of distributed ledger technologies (DLTs), addressing a critical gap in the existing literature. This research seeks new insights into the detection and mitigation of specific attacks, such as selfish mining and Sybil attacks, contributing to a deeper understanding of cybersecurity risk assessment in DLT applications. Design/methodology/approach This study uses a mixed-methods approach, using a literature review combined with method engineering. Data were collected from an extensive database of known security threats, documented attacks on DLTs and associated countermeasures. The proposed method was evaluated through three case studies, with each organization applying the security risk assessment method developed in this study. Findings The results of this study reveal that the proposed security risk assessment method effectively identifies and addresses cybersecurity threats specific to distributed ledger applications. Case studies demonstrate that the method enables organizations to systematically evaluate and mitigate risks, offering evidence that comprehensive countermeasures can significantly enhance security. These findings confirm the practicality of the proposed method and reveal new patterns in organizational responses to cybersecurity threats in distributed ledger environments. Originality/value This research offers a novel perspective on the intersection of cybersecurity and DLTs, providing valuable insights into risk assessment frameworks tailored for this domain. This study’s findings contribute to the advancement of cybersecurity practices in distributed ledger applications, highlighting critical areas for future research and practical guidelines for organizations aiming to enhance their cybersecurity posture.