Technology

The Rise Of Web3: What Cybersecurity Concerns Should We Look Out For?

Web3 is the kitschy term that refers to the next iteration of our internet—including cryptocurrencies, decentralized networks, the blockchain and more. While for many people the concept of Web3 seems a futuristic, light-years-away idea, the truth is that it’s much more impending than we think, with many elements already firmly entrenched in the wider public consciousness. Nine countries have already launched Central Bank Digital Currencies (CBDC)—virtual currency backed and issued by a central bank. The cutting-edge technologies of Web3 are revolutionizing industries and parts of everyday life, which also means they bring with them novel security threats. This begs the question: With such nascent technology, what other kinds of emerging threats are out there? And how do we protect ourselves? As with all popular trends, it doesn’t take long for cybercriminals to jump on the bandwagon. In Reason Labs’ State of Consumer Cybersecurity report, RAV researchers revealed 2021 was “the year of the miner.” The number of crypto miners distributed throughout 2021 was enormous, as almost 60% of all Trojan activity detected last year were miners.

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OODA Analyst

OODA Analyst

OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.