What We Know About Cybersecurity in the Metaverse
Every time a new technology comes along, it presents new challenges. The Metaverse represents the next stage in the evolution of the Internet as we know it. In the Metaverse, people will be able to enjoy an immersive virtual experience where they can interact with each other in the world using augmented reality technology. Today, the Internet is already plagued by a challenge when it comes to keeping people and personal information safe, so what do we know about security in this new world?
Challenges of Cybersecurity
It is no news that cybercrime and data breaches are on the rise. The Pandemic, remote working, and the use of meeting software have caused an over 600% increase in cybercrime since the beginning of 2020. [1] One of the challenges that companies face is that remote workers often do not have the same level of security on their home system as they would if they were working at the office, and this has caused the average cost of a breach to increase by $137,000. [1] The Metaverse will connect many types of devices in the digital environment, both owned by corporations and personal devices. This presents a unique challenge when it comes to cybersecurity.
Shifts in Interaction
One way the Metaverse will differ from the world of social media as we know it today is that it is expected to no longer require usernames and login IDs, but instead, people will be represented by advanced digital avatars. With logins and usernames, there is a gatekeeper to make sure that a user's credentials match what is on file. The Metaverse creates ambiguity as to who is responsible for providing personal data security.
The Metaverse will be powered by blockchain technology, which is the same technology that powers cryptocurrency. The idea is a decentralized system where no one is in charge, and yet everyone has a voice in governance. Many of the same rules are expected to apply to corporations and small businesses who participate in the Metaverse. When someone interacts with them, the company will have to have many of the same protocols and systems in place that they do on the Internet today. The costs of these measures will undoubtedly place a heavy burden on smaller companies who want to participate.
Law and Order in the Metaverse
Ultimately, the companies involved in building the Metaverse will have to take responsibility for ensuring a level of security. If security issues are not addressed, and people feel unsafe with their personal information, then the project will not succeed as intended. The success of the Metaverse depends on companies shouldering the responsibility for keeping their users and players safe, just as social media platforms must do so today. This means that the companies will have to make a considerable investment in cybersecurity firms to assure user safety.
In this respect, the question of responsibility is the same as it is for social media and any other company you interact with online. If the company provides a space for others to interact or to conduct business, then they will be responsible for providing security. Recent years have been flooded with incidents where big corporations failed to keep their users safe, and those who have taken extra steps to ensure their user safety have been rewarded by increased business. Those who have failed, have suffered the consequences of a loss of reputation and confidence of their users. The same can be expected to hold true in the Metaverse, but the opportunities for threats will be on a larger scale.
Having Fun and Staying Safe
The Metaverse will offer a vast value when it comes to business, entertainment and social interaction. In terms of security, the Metaverse will be just like any other digital landscape where people conduct business and interact. Currently, nearly 95% of all security breaches occur because of human error.[1] The main threats to personal data security continue to be unintentionally sharing passwords or giving hints to personal information, the failure to create a secure password, and clicking on links in email or online that lead to malware.
For those who want to participate in the Metaverse, it will mean increased responsibility and personal awareness of how to stay safe online. Both companies and participants in the Metaverse can enjoy a fun and prosperous adventure in this new world, but it will mean that everyone will need to level up their game when it comes to cyber safety. In the world of decentralized governance, everyone has a stake in cybersecurity and everyone shares a part of the responsibility.
References
[1] https://www.titanfile.com/blog/15-important-cybersecurity-statistics-in-2021/