Implications of Web 3.0 on Cyber Security

Implications of Web 3.0 on Cyber Security-01

The web 3.0 ecosystem is scaling exponentially, but it has also highlighted the inherent cybersecurity concerns that it imposes. Enterprises need to be aware of these challenges to create a robust remediation plan to prevent their IT infrastructure from cyber-threats.

The world wide web has seen tremendous evolution since its inception. Enterprises globally are exploring the opportunities of web 3.0 in their business processes. Along with the opportunities, web 3.0 has imposed various cyber-security risks on the organization, which they need to detect and mitigate efficiently. 

According to research by Hacken titled “Hacken strategy 2.0,” a comprehensive market capitalization of web3 cybersecurity projects was around USD 520 million in 2021. 

Businesses witnessed many transformations and digital revolution opportunities by embracing web 3.0 in their workflow. But at the same time, it has become lucrative for cybercriminals to break into the IT infrastructure to create disruption. DevSecOps teams should consider developing a new robust ecosystem on web 3.0 to keep sensitive data secure. Here are a few web 3.0 cyber-security challenges that businesses need to be aware of:

Data authenticity

One of the significant challenges with web 3.0 is ensuring its data authenticity. It is a challenging task for businesses to maintain data authenticity because of governing data through the latest technologies and decentralized data management. CISOs should consider designing and implementing an evaluation mechanism to analyze the accuracy and safety of data on web 3.0 

Also Read: Five DevSecOps Myths Businesses Need to Address and Overcome

Social engineering attacks

As Blockchain is a foundation of web3.0, transactions stored on Blockchain are tamper-proof. However, it is a challenging task to ensure that the tamper-proof data is protected from being compromised. Cybercriminals use phishing attacks by impersonating a legitimate third as a vector to steal sensitive user or business information in the web 3.0 ecosystem. Threat actors are exploring other social engineering attacks to exploit authentication mechanisms to get access to user data. 

Identity threats

Web 3.0 banks on self-sovereign identity to offer portable credentials sets, claims, and permissions for users engaging with websites, other users, and other web apps. Blockchain-based self-sovereign identity allows users to control aspects of their identity that they share based on parties they engage with. But implementing a self-sovereign identity has some inherent identity risk challenges. For instance, cyber-criminals can gather sensitive data about a user from the same identifier utilized to interact with specific websites or apps. It becomes a significant identity theft risk due to insecure authentication mechanisms.

Increased spam

Web 3.0 composes of a vast integrated and interconnected metadata library. These vast libraries can become dangerous channels that cybercriminals can exploit to infiltrate the IT infrastructure. Web 3.0 ecosystem uses entire Internet resources as databases to provide a response to the users. The malicious actors can target, exploit and pollute particular assets or resources to deploy spam. Such spam attacks could be a hidden malicious JavaScript code or ransomware attack that infiltrates the IT network and gets deployed to every user in the network.  Even though the web 3.0 ecosystem has robust tools to protect databases, there will be a constant risk of data leakage of content placement. CISOs should consider designing and implementing effective strategies to prevent data leakage. 

Confidentiality concerns 

Web 3.0 also imposes the challenge of data breaches and makes it difficult to maintain confidentiality. Even though the web 3.0 ecosystem has robust tools to protect databases, there will be a constant risk of data leakage. CISOs should consider designing and implementing effective strategies to prevent data leakage.

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