The Rise of Web 3.0: Three Cybersecurity Threats Firms should be Aware of

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The Rise of Web 3.0 Three Cybersecurity Threats Firms should be Aware of

Cybersecurity is the most critical in the technological industry. As Web 3.0 evolves, additional cybersecurity threats will surface. At the moment, key concerns include phishing attacks, data availability, information quality, data confidentiality, and data manipulation, to mention a few.

Web 3.0’s cutting-edge technologies transform businesses and aspects of daily life, but they also introduce new security threats. This brings up the question: what additional new hazards are there with such fledgling technology? And how do businesses protect themselves?

While the web 3.0 vision brings numerous prospects for progress and expansion, it also raises security risks. For various reasons, a vaguely defined web 3.0 might constitute a cybersecurity concern. To keep data safe and secure, developers experimenting with a new ecosystem under web 3.0 must bear the following three cybersecurity issues in mind.

Phishing threats

Phishing is one of the hazards that is likely to infiltrate the Web 3.0 domain. Phishing is not a new concept; nevertheless, the way it is employed nowadays is. By exploiting a weakness in Coinbase’s two-factor SMS mechanism, attackers used phishing emails to steal bitcoin from 6,000 client accounts in October 2021. Another malicious example of this type of theft occurred in February when a phishing attempt on OpenSea users resulted in the theft of $1.7 million in Non-Fungible Tokens (NFTs). An attack on the Wyvern Protocol, which is the standard that underpins most NFTs, resulted in the theft of over 250 tokens.

These instances demonstrate how the technology world’s ongoing evolution and turnover is both its greatest strength and its worst liability. On the one hand, the Web 3.0 “Industrial Revolution” is expected to make significant waves in terms of making everyday living easier and bringing particular technology to the ordinary consumer. On the other hand, when firms race to have been the first product on the market, unexpected flaws and vulnerabilities might arise, increasing the risk of data breaches.

Also Read: Safeguarding Against the Cybersecurity Threats Posed by Hybrid Employment

Confidentiality of data

Data breaches are prevalent, and they often damage personal information. Furthermore, such content may be leaked and/or uploaded to an insecure portion or site on the internet by accident. What makes it much riskier in Web 3.0 is that AI and machine learning Web 3.0 apps can come across this data as a result of their frequent scanning and incorporate it into their data banks/knowledge bases.

This is an issue, since AI uses private data, which may be intercepted and used by anybody. As a result, cybersecurity and Web 3.0 firms will need to step their game and beef up security to guarantee that their data does not go up on the Dark net.

Data accessibility

As everything is becoming digital, web 3.0 stakeholders face a severe data dependency issue. The most pressing question is how systems and processes will operate if data is absent.

Broken links are already an issue on web 2.0, and to remedy the problem, local copies of nearly everything need to be made. Similarly, there is a substantial gap between the information required and the information accessible, and data unavailability provides the most significant risk to the spread of web 3.0 in this case.

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