Metaverse is everywhere nowadays.
Mark Zuckerberg can not stop talking about it. Gartner listed it as one of the top 5 trends for 2022. And Forbes predicts that AR / VR spending will increase to $ 72.8 billion by 2024, due to the popularity of Metaverse.
Because of this, leaders in a variety of industries such as gaming, healthcare and cryptocurrency are looking to Metaverse for new opportunities. But with all this tension, there is one thing that is often overlooked: security risks.
Metaverse is still in its infancy and as such is being developed by cybercriminals. In this article, we will look at three of the key security risks in Metaverse and what can be done to reduce them.
Let’s start with a quick definition. Metaverse is a shared virtual space where people can meet, communicate and do business. It’s a bit like the internet, but instead of being made up of web pages, Metaverse is made up of 3D virtual worlds.
Think of Second Life or GTA Online but on steroids.
The term was originally coined by science fiction writer Neal Stephenson in his 1992 novel Snow Crash and has been popularized in recent years by characters such as Mark Zuckerberg and Oculus founder Palmer Luckey.
Now that we’ve got rid of this, let’s see why security is so important in Metaverse.
Why is security so important in Metaverse?
As Metaverse grows in popularity, more and more sensitive data will be shared in a virtual environment. It could range from medical records and financial information to trade secrets and government secrets.
For this reason, it is important to ensure that Metaverse is safe. Otherwise, we run the risk of opening up a new avenue for cybercrime.
Now that we’ve figured out why security is important, let’s look at three of Metaverse’s major cyber security risks.
The first security risk we need to discuss involves invisible wiretapping, which can have catastrophic consequences.
In the physical world, it is relatively easy to see if you are being spied on. You could see a camera in the corner of the room or someone hiding in the bushes outside your house. But in Metaverse, it’s much harder to see if you’re being spied on.
According to researchers at the University of Washington, the vast nature of AR and VR technology could create new opportunities for anti-spyware programs to record and replay each user’s movement without their knowledge.
This type of spyware could be used for anything from personal theft to corporate intelligence.
In the physical world, identity theft is a major problem. Last year, consumers reported a $ 5.8 billion loss due to personal theft and fraud.
And it’s likely that things will only get worse when we go into Metaverse. This is because Metaverse will be built on top of existing social media sites that are already struggling to protect user data.
In 2018, for example, Facebook suffered a major data breach that affected over 50 million users. With Facebook and other social media companies working on Metaverse projects, it’s likely we’ll see similar breaks in the virtual world.
Finally, we need to discuss data privacy.
As Metaverse grows, so will the amount of data shared in a virtual environment. And as we have seen with companies like Facebook and Google, it can be very difficult to keep this data private.
In recent years, hackers have begun using IoT (Internet of Things) tools to attack and steal data. AR and VR devices will collect large amounts of user data, such as biometrics, that can be used to identify and track individuals.
What can be done to increase security?
So, what can be done to increase security in Metaverse?
There are a few things to do:
First of all, we need to draw attention to the importance of security in Metaverse. Secondly, we need to create better security rules and policies. And third, we need to make sure that these security measures are enforceable.
By taking these steps, we can help ensure that Metaverse is a safe and secure site for everyone.
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