Mitigating Insider Risk Towards an Organization's Blockchain Assets

Abstract

This thesis aims to develop ways for an organization to secure its assets stored on the blockchain against insider risk, and to address the existing research gap by combining traditional methods of insider risk management with blockchain-specific considerations. The thesis was commissioned by Heimdall Industries, an organization focusing on enhancing cooperation among its members across multiple blockchain projects. The organization wanted to ensure that its assets stored on the blockchain are adequately protected from insider risk in this esoteric operating environment.

The knowledge base of this thesis consists of literature related to blockchains, risk management, and insider risk. Semi-structured interviews were used as a research method to gather information from inside the organization and from three external experts. Data from interviews was analyzed using thematic analysis. The results indicate the need for third-party software solutions to prevent a single individual from authorizing transactions, and the necessity of strict asset management and asset segregation policies. The results also suggest that further research needs to be conducted regarding the legal status of such organizations. The findings of this thesis can be applied by other similar organizations to improve their respective risk management practices.