As organizations and consumers move to Web 3.0, implementing robust security measures online is more important than ever. Web 3.0 threats are growing, and businesses need to identify them.
Web 3.0 comes with new cybersecurity and privacy threats besides the familiar risks of Web 2.0. As Web 3.0 will include the immersive “Metaverse,” risks associated with the latest web will rise. Identifying those risks is essential to address in advance so that businesses stay ready with all precautious security measures.
As Web 3.0 morphs into an innovative range of opportunities, capabilities, and features, it may also witness increasing security threats. The time is to dive deep to highlight the most common cyber risks of Web 3.0 and security challenges.
Cyber Risks of Web 3.0
Manipulation of Artificial Intelligence
AI is an incredible tool for digital businesses today. However, the fact is that threat actors can manipulate AI integrated with Web 3.0. The manipulation of AI can result in widespread misinformation. The manipulation can happen by malicious code or ransomware affecting applications and usability.
The malicious codes train AI to malfunction and misalign with business applications, leading to the web’s user interface deformations. As Web 3.0 is still nascent, threat attacks are more probable in the current scenario. And as web 3.0 is a technology-based new platform, it becomes an easy track for ugly attackers to misalign AI from the backend process.
Also Read: Shadow IT: Detection and Control
Manipulation of Data
Web 3.0 can also be a significant source of risk through data manipulation. Threat attackers can misuse the data from the backend process and alter their functions. It is similar to how AI is manipulated, where threat actors add different data, resulting in business misalignment. It is a rising cybersecurity concern for the future.
Social Engineering
The threat of social engineering associated with Web 3.0 is rising. Most security incidents occurring from social engineering are the cloning of wallets. Businesses and users need to be cautious about sharing their digital wallets.
Threat actors today are well-versed in cloning techniques, and they can easily attack such wallets using the ‘seed phase,’ which essentially is a private key. Attacks knowing the private key can easily clone digital wallets, again a severe cyber-security threat concern for Web 3.0.
Cyber Attacks on Smart Contacts
The subsequent cyber risk of Web 3.0 is an attack on smart contacts. Threat actors can hack and use smart contacting flaws to their advantage. Once they identify them, they can easily weaken Web 3.0 capabilities such as blockchain payments and digital wallets. Hackers pay attention to unsecured smart contacts and feed malicious codes into the contact code. Such attacks occur when there is a lack of comprehensive rules and regulations across smart contacts on Web 3.0. As a result, such contacts can be easily misused and fed with misinformation, thus damaging them severely. As Web 3.0 is still in the development stage, there need to be strict rules and data regulations across Web 3.0 to safeguard smart contacts at scale.
Higher Possibilities of Spam
Spam issues in the Web 3.0 age may shortly increase since they cover a massive library of integrated and interrelated information backed by technology. Other spams may enter Web 3.0 and impact specific resources by exploiting search engines, applications, and target websites.
Malicious JavaScript malware or ransomware spam may hit applications and websites through spam campaigns. It is an expected severe cyber risk that Web 3.0 businesses should pay attention to.
Also, spam related to data cloning on websites and the deformation of AI algorithms can subsequently spread, resulting in severe cyber-attacks.
Quick Three Tips to Safeguard Web 3.0
Web 3.0 is at an experimental phase as there is significant hype for Metaverse to enter. With Metaverse, Web 3.0 will witness evolving technologies and concepts, which build a deep learning pathway for businesses leveraging Web 3.0. In addition, with all the good news surrounding it, the rise of cyber risks and threats also needs equal attention with robust solutions. Addressing the dangers is essential before exploring the exciting possibilities.
One of the effective cyber security measures for companies while exploring or investing in Web 3.0 is to create a Zero Trust Policy for all data security purposes. Here are some ways to consider safeguarding Web 3.0 effectively to follow:
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Practice Robust Security Measures
Strong passwords and multi-factor authentication can go a long way to ensure Web 3.0 safety. Also, segmenting networks, adding login credentials to networks, and reviewing data logs can help detect cyber risks. Examining Internet accesses, ENS domains, and digital wallet addresses is essential to keep threats away from cloning or fake application usage cleverly.
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Protect Seed Phase
It is imperative that users keep their seed phrase protected and avoid sharing it as a QR code with external sources because digital wallets help identify and personalize metaverse content. So, losing a seed phrase breaks the control over the user’s identity and personal digital information.
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Use 2FA— Two-Factor Authentication for Addition Security
Two-factor authentication is another effective and robust security model that guarantees the protection of accounts on platforms in Web 3.0. The authentication method functions by two different modes or layers of verifying sources to gain entry to a particular account. So, users who log in to an account after providing a password receive extra login codes or a one-time password. It helps to verify whether the account is safe or if hacked.
Also Read: Security Considerations and Challenges of DBaaS
Web 3.0 – Time to Balance User Experience and Security Measures
Digital wallets will be important for data privacy and security purposes in Web 3.0. A digital wallet holds everything a consumer needs, from identification cards and various forms of currency to lots of other information. That pressurizes businesses operating in Web 3.0 to be extra cautious about associated growth cyber risks.
However, organizations can expect Web 3.0 to improve consumer relations and develop loyalty between customers and brands by controlling user interactions with applications and websites. Organizations will safeguard cases of data breaches, identity theft, and misuse of information with robust security solutions. The bottom line is that cybercriminals always look for ways to make money and find ways to break into Web3.
But, identifying these cyber risks of Web 3.0 can help build more robust security strategies and measures and implement effective solutions. And because Web 3.0 and its data still have no external security system built around them, threat actors will have added incentives to break the code. Now it depends on organizations to recognize that real-time Web 3.0’s security is intact and data protection needs attention on priority! Such an approach will help companies always balance seamless user experience and security measures workable.
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