Web3 is a slang name for the future generation of the internet, which includes cryptocurrency, decentralized networks, the blockchain, and other technologies. While the concept of Web3 may appear to many as a far-off, future concept, the truth is that it is far closer than we realize, with many features already firmly embedded in the public awareness. Central Bank Digital Currencies (CBDC)—virtual money backed and issued by a central bank—have previously been created in nine nations. What concerns should we look for?
Cryptojacking
It doesn't take long for cybercriminals to jump on the bandwagon, as it does with all popular trends. RAV researchers revealed 2021 was "the year of the miner" in Reason Labs' State of Consumer Cybersecurity report. The number of crypto miners distributed throughout 2021 was enormous, accounting for nearly 60% of all Trojan activity detected last year. It's a threat that, while it may not harm a user's device like traditional malware, will directly affect a user's pocketbook—your electric bill may skyrocket as crypto coins are harvested without your consent. Projects like Concordium have paved the way by ensuring that while users enjoy safety and privacy of transactions, it is possible to be used for police report when the need be.
Vulnerabilities in Blockchain
There are legitimate security concerns with digital currency. The cryptocurrency blockchain, contrary to popular belief, is not an impenetrable force. It is secure when you or trusted sources operate the majority of a blockchain. However, if malicious miners control a simple majority of more than 51 percent of the blockchain, it breaks the chain, making it vulnerable to manipulation—and, worryingly, these so-called "51 percent attacks" are also on the rise.
In 2020, bitcoin gold, a relatively minor cryptocurrency, was subjected to a 51 percent attack, resulting in the double-spending of over $72,000 in bitcoin gold tokens. And, just last month, the play-to-earn crypto game Axie Infinity was hacked to the tune of $625 million by hackers stealing from the underlying Ronin blockchain, raising the bar for crypto heists to shockingly high new heights Many in the cybersecurity industry would consider an event like this to be a learning experience, but it's a costly one!
Phishing Attacks
Phishing is another threat that is likely to infiltrate the Web3 domain. Phishing is not a new concept; however, the way it is used today is. In October 2021, attackers used phishing emails to steal cryptocurrency from 6,000 Coinbase customer accounts by exploiting a flaw in the company's two-factor SMS system. Another malicious example of this type of theft occurred in February, when $1.7 million in non-fungible tokens (NFTs) were stolen in an OpenSea phishing attack. An attack that exploited a flaw in the Wyvern Protocol, the standard that underpins most NFTs, stole over 250 tokens.
The Importance of Education
This brings us back to a topic I've discussed before: the importance of cybersecurity education. How do you prevent phishing scams? What exactly does it mean to be cyber secure? How do you have complete faith in something? It is critical to teach customers how to ask and answer these questions.
Learning to recognize suspicious signs will increase consumer awareness of the safety of their devices and data.
Furthermore, next-generation antivirus (NGAV) and endpoint protection solutions are required. Attackers are constantly attempting to tip the scales of trust. To detect and eliminate new threats, we need to use a combination of the human brain, instinct, and AI machine learning.
Unfortunately, the “freedom” and end-user ownership that Web3 will offer consumers is the same freedom that cybercriminals will also be able to enjoy. We need to find a solution whereby the vision of an autonomous web for all can be experienced, without opening up a huge can of worms.
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