— Harshavardhan Godugula, Partner, Forensic & Integrity Services, EY
The metaverse is an immersive internet, a successor to the mobile internet. Its defining characteristic is that users will be able to truly feel and experience the virtual space, that is much more realistic and interactive than existing platforms and technologies. What makes it unique is the ability to be present with another person, making eye contact and hearing them express themselves. This will lead to new forms of entertainment, exercise, work, play, learning, socializing, and collaboration – a new way of life.
The metaverse has sparked significant attention recently, along with Web3.0. Interestingly, the same technology stack that is used to build Web3.0 – such as blockchain, blockchain-based cryptocurrencies, and non-fungible tokens (NFTs)– is also going to be used to build the virtual worlds of the metaverse.
The potential of the metaverse is immense, but it does not come without risks, security and privacy being the major risks. Other key concerns include platform authenticity, cyber threats, identity verification and protection, and hardware security. The metaverse also comes with potential legal risks as many legal frameworks today do not fully recognize or adequately regulate virtual worlds and digital currencies. This grey area may give rise to litigation risks for companies as well as their customers and enterprise partners.
Rising cybersecurity challenges in the metaverse
The first security danger in the metaverse is that of platform authenticity. Every user may not be able to ascertain the authenticity of a platform – which may lead them to a fake or an unsecured platform. Another challenge is the presence of existing cyber threats such as phishing, ransomware, data hacking, identity theft, and malware attacks in the metaverse. Many other cyber threats may arise in the metaverse owing to the unique architecture it is built on. As an example, theft of digital currencies and NFTs are difficult to counter.
The maintenance of users’ virtual identities is another challenge. For example, crypto wallets are directly associated with the virtual identity of a user in the metaverse. The use of these wallets can increase security vulnerabilities; fraudsters or hackers may trace the addresses of these wallets and discover the actual identities of the users to demand additional ‘ransom’.
Privacy is another significant area of concern. Metaverse businesses need to protect critical and sensitive data associated with users and their transactions. The creation of a more personalized experience is likely to see more user data being collected. With the lack of metaverse regulations, it is up to the platform owners to manage privacy.
And finally, the metaverse offers an interactive environment through hardware – devices such as smart glasses, headsets, virtual reality (VR) gears, etc. But without security safeguards, these may be easily targeted by hackers. The immersive nature of the metaverse may also endanger users’ physical security in the real world. For instance, if a hacker gains access to a user’s personal account, they may be able to control what the user’s avatar hears, sees, and does in the virtual world. Commerce, property theft and virtual harassment are some of the other risks that may persist until robust security measures are implemented.
Curbing cyber risks in the metaverse
While threat actors tend to find ways to breach security perimeters, the implementation of strong cybersecurity protocols can become a robust barrier. First and foremost, it will be critical to build stronger endpoint security, utilizing various tools including virtual private networks (VPNs), firewalls, and malware detection software. Emerging technologies such as Artificial Intelligence (AI) and machine learning (ML) can be leveraged as these have the potential to significantly enhance cyber solutions by continuously examining user access behaviour and looking for abnormal behaviour or patterns.
Cybercrime concerns tend to be pervasive in a virtual environment but increasing user awareness and education become imperative to safeguarding data. Companies operating in the metaverse should consider ramping up training and education for company personnel on various cyber issues to minimize security gaps.
Investments in the right technologies to enhance the metaverse as well as to fortify against fraudsters is vital in securing the new age digital experience. While these are still early days –it is important for platforms and companies to focus on safety and security.
The metaverse is an immersive internet, a successor to the mobile internet. Its defining characteristic is that users will be able to truly feel and experience the virtual space, that is much more realistic and interactive than existing platforms and technologies. What makes it unique is the ability to be present with another person, making eye contact and hearing them express themselves. This will lead to new forms of entertainment, exercise, work, play, learning, socializing, and collaboration – a new way of life.
The metaverse has sparked significant attention recently, along with Web3.0. Interestingly, the same technology stack that is used to build Web3.0 – such as blockchain, blockchain-based cryptocurrencies, and non-fungible tokens (NFTs)– is also going to be used to build the virtual worlds of the metaverse.
The potential of the metaverse is immense, but it does not come without risks, security and privacy being the major risks. Other key concerns include platform authenticity, cyber threats, identity verification and protection, and hardware security. The metaverse also comes with potential legal risks as many legal frameworks today do not fully recognize or adequately regulate virtual worlds and digital currencies. This grey area may give rise to litigation risks for companies as well as their customers and enterprise partners.
Rising cybersecurity challenges in the metaverse
The first security danger in the metaverse is that of platform authenticity. Every user may not be able to ascertain the authenticity of a platform – which may lead them to a fake or an unsecured platform. Another challenge is the presence of existing cyber threats such as phishing, ransomware, data hacking, identity theft, and malware attacks in the metaverse. Many other cyber threats may arise in the metaverse owing to the unique architecture it is built on. As an example, theft of digital currencies and NFTs are difficult to counter.
The maintenance of users’ virtual identities is another challenge. For example, crypto wallets are directly associated with the virtual identity of a user in the metaverse. The use of these wallets can increase security vulnerabilities; fraudsters or hackers may trace the addresses of these wallets and discover the actual identities of the users to demand additional ‘ransom’.
Privacy is another significant area of concern. Metaverse businesses need to protect critical and sensitive data associated with users and their transactions. The creation of a more personalized experience is likely to see more user data being collected. With the lack of metaverse regulations, it is up to the platform owners to manage privacy.
And finally, the metaverse offers an interactive environment through hardware – devices such as smart glasses, headsets, virtual reality (VR) gears, etc. But without security safeguards, these may be easily targeted by hackers. The immersive nature of the metaverse may also endanger users’ physical security in the real world. For instance, if a hacker gains access to a user’s personal account, they may be able to control what the user’s avatar hears, sees, and does in the virtual world. Commerce, property theft and virtual harassment are some of the other risks that may persist until robust security measures are implemented.
Curbing cyber risks in the metaverse
While threat actors tend to find ways to breach security perimeters, the implementation of strong cybersecurity protocols can become a robust barrier. First and foremost, it will be critical to build stronger endpoint security, utilizing various tools including virtual private networks (VPNs), firewalls, and malware detection software. Emerging technologies such as Artificial Intelligence (AI) and machine learning (ML) can be leveraged as these have the potential to significantly enhance cyber solutions by continuously examining user access behaviour and looking for abnormal behaviour or patterns.
Cybercrime concerns tend to be pervasive in a virtual environment but increasing user awareness and education become imperative to safeguarding data. Companies operating in the metaverse should consider ramping up training and education for company personnel on various cyber issues to minimize security gaps.
Investments in the right technologies to enhance the metaverse as well as to fortify against fraudsters is vital in securing the new age digital experience. While these are still early days –it is important for platforms and companies to focus on safety and security.
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