In this blog post
Recent market researches has estimated that global Web 3.0 or Web3 Market is expected to reach USD 81.5 billion by 2030, registering a CAGR of 43.7%. Though Web3 market is growing rapidly, Cybersecurity of Web3 is undoubtedly a potential barrier for the growth. In this article, I will focus on a few Cybersecurity challenges of Web3 and how to manage them.
What is Web3?
Web3 is a term which is used to define the idea of future of internet. It is a decentralized internet built on an open blockchain network that is not owned and controlled by large entities. It’s the third generation of the internet currently being built, where websites, applications and systems are processing information effectively through latest technology trends like artificial intelligence (AI), machine learning (ML), Big Data, Blockchain, decentralized ledger technology (DLT), and more. Web3 was in fact originally called the Semantic Web by World Wide Web and was aimed at being a more autonomous, intelligent, and open internet.
Evolution of Web3
Below table which provide the crisp data of how the Web1, Web2 and Web3 has evolved based on the technology, content, and time.
Fig 1.1 Evolution of Web3
Cybersecurity features of Web3
- Distributed Ledger Technology:DLT reduces illegal access to data and enhance the quality of transactions.
- Zero Trust: Ensures the flow of data is secured through decentralized applications rather than passing through user’s immediate trusted mediums.
- Identity and tokenization: Unique hashes permits authentication and user control of digital assets, and smart contracts determine the privileged access levels, with eligibility based on risk score that are tied to digital identities.
Cybersecurity Challenges & Solutions for Web3
Fig 1.2 Few top Cybersecurity challenges for Web3
As the above picture highlights few top challenges on Web3, let’s discuss on how cybersecurity offers solutions to those challenges.
Artificial Intelligence and Machine learning are the booming technologies which are key for the Web3 space. Both these technologies need vast data to be processed for business needs with high quality. Without proper compliance and governance in place, hackers could steal the data through multiples threats. To overcome such issues, choosing the right blockchain for deploying the decentralized applications will reduce the cybersecurity issues in Data Manipulation.
NFTs (Non-Fungible Tokens) play a key role in boosting and bringing cryptocurrencies to market as a primary factor for Web3. Since NFT is a brand-new technology for Web3, users of this could be hacked due to lack of required awareness about it, to overcome such challenges, identifying a comprehensive solution that fits the NFT contracts would be an ideal solution.
As Social Engineering attack is among the common approaches of the hackers, Ice Phishing techniques are one of the most devasting type of security vulnerability in Web3. Hackers could make use of visuals to distract the user to click on the phishing links believing it as authentic one. To overcome this challenge, Web3 users should adhere to the best practices and standards while interacting over emails and accessing the links provided, like double checking the original logos, URLs, and project name.
Web3 is in trend and many B2B and B2C businesses have been planning to have Web3 for monetizing their work. While the businesses start using web3 for monetization, regulatory bodies across the globe should define the local and international end-to-end processes and regulations and spread awareness for using this technology for monetization to avoid the risks and financial losses.
Although Web3 is latest technology which enables business in multiple ways, further R&D is a must to ensure the Cybersecurity is maintained.