DUBAI, UNITED ARAB EMIRATES, July 21, 2022 /EINPresswire.com/ — Businesses considering joining the metaverse bandwagon have been put on high alert against impending cyberattacks that could expose their valuable data to crippling cyberattacks , data exfiltration and breaches.
As brands are increasingly engulfed in the metaverse, driven largely by the exciting opportunities this relatively new digital concept presents, IT and cybersecurity experts are seriously concerned that most are rushing to establish their presence. without an appropriate cybersecurity strategy.
Metaverse, an attempt to create an immersive virtual world that combines augmented and virtual reality, includes economic and social spaces where users from all over the world can enjoy a wide range of content and experiences.
According to cybersecurity experts, it also significantly exposes individual internet users and brands playing in this space to a plethora of risks that could lead to increased instances of account hacking and tampering, phishing and device theft. assets.
“Metaverse is an exciting and futuristic concept that creates huge opportunities for businesses as well as innovators. However, companies considering operating in this space must also be wary of the looming cyber threats that come with new innovations. As soon as digital property in the 3D universe, for example, increases in value, instances of account takeover, theft, ransomware, and phishing will also increase significantly. The lack of a strong cyber protection strategy to protect private and confidential information from potential attackers will be partly to blame,” said Candid Wüest, vice president of cyber protection research at Acronis.
According to Acronis Cyber Protection Week’s 2022 Global Report, cybercriminals are exploiting IT complexity to launch catastrophic cyberattacks. With most users still not fully aware of the scale of cyber threats they face as a result of the increased adoption of the metaverse, the daily theft of data (credit card, identity, passwords, etc. ), malware, phishing attacks are likely to increase by 200% by 2024 due to a lack of preparedness or cyber protection master plan.
Device security remains high on the cyber protection priority list, as hacking of platforms and devices is set to explode as metaverse adoption also soars. Device threats and breaches are likely to escalate and could subsequently also have real terminal consequences in the physical world.
“For individual Metaverse users, hacking into Metaverse-enabled devices like specific headsets, for example, can cause seizures, if someone has epilepsy. It can also harm their vision or hearing at least temporarily, as well as exposing their physical location, and more,” noted Candid Wüest.
Metaverse will not have entirely new security issues as it will have similar issues to the gaming industry. The explosive popularity of gaming, which is arguably the largest segment of the entertainment industry, with over three billion regular participants, paints a picture of how lucrative the metaverse can become for cybercriminals based on how many users it can attract.
The lack of data collection and usage regulation also emerged as a possible catalyst for cyber threats within the virtual reality platform. According to IT security experts, this could create a myriad of loopholes that cybercriminals could exploit to infiltrate private networks and gain unrestricted access to sensitive corporate and personal data.
Without regulation, cybercrime could become the fastest growing type of crime, currently valued at $1,000,000,000,000,000,000,000 and growing at a faster rate. However, despite social media giant Meta’s commitment to invest US$50 million in external research that will primarily focus on privacy and security in the metaverse – including a partnership with the National University of Singapore, to investigate data usage – more needs to be done, especially by companies to secure their data.
These safeguards include a comprehensive cyber protection strategy based on artificial intelligence and machine learning, combined with vulnerability assessment and penetration testing. Other effective security measures include blockchain technology to identify users; tokens assigned by an organization and the use of biometrics in a headset to confirm user identity.
While the virtual world concept was developed primarily for social platforms to help them drive engagement, the immersive multi-dimension will also create more opportunities for complex cyber attacks.
“The information warfare metaverse is now emerging as a real threat that could be used to spread malicious information. Issues like deep fake news will be more compelling in the metaverse, media coverage will become more “horrible,” and sports and entertainment will feel more real. Emotions will run high – which, in theory, is a weakness used by threat actors, including politically motivated ones,” Candid Wüest noted.
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