CyberSecurity and Metaverse: Safety in a New Digital World
We are witnessing the dawn of a new era of digital exploration. Although metaverse may just be a buzzword now, it's a concept that acquires great appeal. Assuming widespread adoption, it will change how humans importantly interact with each other. However, this new medium, through which people can connect online in improved ways, can open up new attack surfaces for cybercriminals.
What is Metaverse?
The term "metaverse" was coined in the mid-1990s by science fiction author Neil Stevenson. However, the word metaverse was given its current common definition by Facebook. The company recently announced that its internationally recognized company will be renamed, Meta. This decision was made to reverse their current focus on becoming a major metaverse player.
Facebook plays a big role in connecting people online, but the metaverse concept goes far beyond Facebook group or Facetime calls. Metaverse enables companies to create "digital twins" that can use data and algorithms to influence real-life decisions made by executives.
Metaverse is defined as a digital world that combines virtual reality with augmented reality. Individuals in this world will travel online - which can be identical to the real world, fantasy-based, or a combination of both - using digital avatars. Digital avatars and virtual reality headsets provide a deeper glimpse into users' real life than anything that can be expressed on social media. The intimate nature of metaverse and the data they create will provide great opportunities for cybercriminals.
The Mantle Of The Metaverse
New and exciting technology is often introduced with cybersecurity solutions provided too late. In the future, developers should not only learn how to program but also remain aware of the importance of cybersecurity measures as they create new applications. However, as is currently the case, new technology often comes with security as a late idea.
Some cybersecurity challenges with this new technology will be similar to what we already know online. The continued rise in cybercrime over the past 18 months has revealed the profitability of hacking into a company or individual's online accounts.
However, along with the usual phishing, malware and hacking we know, the metaverse is likely to bring entirely new cybercrime because of its infrastructure. Metaverse is heavily focused on the use of cryptocurrencies and non-replaceable codes (NFTs), which can be attractive targets for cybercriminals for a variety of reasons.
For example, renowned art dealer Sotheby's recently introduced Sotheby's Metaverse, which auctioned sponsored an anthology of NFTs that was authenticated through a process called SK. Artifacts are digitally verified and tracked by placing them in the blockchain's general ledger via Ethereum. However, just as in the real art world, collectors can easily be deceived by copycats that are minted by cybercriminals who are ready as legitimate certifiers.
Furthermore, Ethereum transactions can be vulnerable to fraudsters who sit on .eth websites under the name of another company. Like domain impersonation, cybercriminals can rely on identifying existing companies to create fake Ethereum domain names and smart contracts. Transactions are only as secure as the entity that applies them, and online, it may be difficult to know exactly who you are dealing with.
In metaverse, hurting the company is not as simple as leaving a negative comment online or breaking glass behind the counter to steal an item. With multiple layers of augmented or virtual reality that hide the true identity of attackers, it is difficult or impossible to resort to the law for victims of theft or harassment.
Challenges Of Securing The Metaverse
Another problem with metaverse is its reliance on devices to experience the platform. Metaverse is centred on external digital devices such as virtual reality headsets that can easily fall prey to hackers if left unprotected.
Data captured through these headphones, or any of the other wearable devices that will certainly be provided in the future, can be very sensitive in nature. Data in the wrong hands can easily be converted into extortion threats or fuel for a social engineering conspiracy from a cyber-criminal. Moreover, intellectual property protection can be more difficult when people and companies not only live a life in the real world but also live in the Metaverse region.
Unfortunately, politicians sometimes fall behind in addressing technology concerns. Laws rarely reflect the rapidly changing ways in which people interact with each other online. Keep in mind the fact that the average age of a senator is 64 years. Much of the technology that makes up the world around us today is very strange to the generation of people who make laws for the country. This partly explains why cybercrime remains so attractive today.
Unfortunately, new technology is often developed and brought to market long before cybersecurity concerns are addressed. When consumers began to realize that sophisticated IoT devices such as smart assistants, smart home security systems, fitness trackers, etc. had minimal built-in cybersecurity protection, laws had to focus on protecting these consumers. However, until 2021, Congress did not introduce a security bill that introduced cybersecurity standards for IoT devices sold on the market.
How Do We Keep The Crime Out Of Metaverse?
There is not a single answer to the question of how to make metaverse a safer place. Like the Internet, there is likely to always be a certain level of anonymity that protects criminals. This can allow them to stay away from behaviours such as theft, online stalking, listening to information and online harassment with impunity.
Increased Internet regulation is a possibility. However, the Internet remains one of the last limits of freedom of speech and information. Widespread control of the Internet by future government agencies is as unlikely as it is immoral.
Education and prevention remain the best way for people and businesses to stay safe online and, in the future, metaverse. Understanding the risks inherent in online activity, and deploying appropriate cybersecurity resources to protect yourself and your organization is essential to maintaining electronic flexibility in this new era.
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