Web 3.0 has garnered attention since the past year. Web 3.0 is said to be the next evolution of Web 2.0, aiming to make a decentralized internet accessible to everyone. It utilizes machine learning, Big Data, and decentralized ledger technologies to seamlessly analyze a large volume of data. In Web 3.0 data is decentralized and open to use, unlike the web 2.0; it is autonomous as well as intelligent. While it seems like a revolutionary idea, enabling everyone to access the internet without having to worry about certain centralized entities to hold the information, it is not without its risks.
With the advancement in Web 3.0 technology, many new cybersecurity risks are expected to emerge. While it is hard to determine the risk a new technology poses to the technological framework in its early stages of adoption, there are certain queries that organizations are raising.
Currently, it is worrying CISOs for risks such as information quality, data availability, data confidentiality, and data manipulation.
To effectively navigate the uncertainties of Web 3.0 risks, CISOs should adopt a holistic approach to cybersecurity. Here are a few threats that Web 3.0 poses to cybersecurity:
Risk of integrated data
The biggest drawback of Web 3.0 is the vulnerability of integrated data. As there is only one account that possesses all the personal data and confidential information, threats actors can potentially ruin and have greater control over the life of an individual.
For enterprise IT leaders, especially security ones, getting their information in the hands of cybercriminals can compromise the cybersecurity of the infrastructure as well as customers of the organization. CISOs should establish robust privacy policies for their employees to deal with this. They will need to address the issue of liability as it is difficult to define who will have ownership of the data.
Quality of information
Currently, the usage of Web 3.0 is extremely limited to certain entities. Meaning the data available may be skewed and not necessarily depict the actual scenario. This raises the concern about the quality of data the platform possesses. Also, certain questions are still unanswered, such as:
Does Web 3.0’s consensus include accuracy checks? Who is responsible for making the decisions? What makes them a reputable source for fact-checking rather than just posting their agenda?
Also Read: Four Key Components for an Effective Cybersecurity Recovery Plan
Monetary loss
Hackers may be in a position to gain unauthorized access to wallets, such as flaws in the smart contracts while transferring digital assets to their respective accounts. Also, as there is no availability of who has ownership over data; the loss incurred may not be recoverable.
Data privacy
Data breaches are known to compromise sensitive information. Not only that, the issue of information being accidentally deployed or released in an unsecured location, can also expose organizations to vulnerabilities. Also, with the incorporation of machine learning, scanning the data while simultaneously including it into the knowledge base can increase the likelihood of private data being found and used.
It is up to CISOs and security leaders to strengthen their defenses to predict a system that has the potential to spread sensitive information faster than ever before.
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