Cybersecurity experts believe that the Metaverse might become a major target in the coming year. This increases the list of scams and issues that face the cryptocurrency industry, adding to malware, ransomware assaults, and phishing.
According to cybersecurity company Kaspersky, this is likely as a result of a lack of data protection and moderation laws. If regulation isn’t in place to mitigate risks, there will be increased exploitation of the Metaverse. While there are still only a few Metaverse platforms, Kaspersky stated that this number is expected to grow over the next few years with the market predicted to reach up to $50 billion by 2026. With growing interest and increasing funds in the industry, cybercriminals are attracted to the potential of vulnerable users to make money off. Noting in its “Consumer Cyberthreats: Predictions for 2023” report.
“As the metaverse experience is universal and does not obey regional data protection laws, such as GDPR, this might create complex conflicts between the requirements of the regulations regarding data breach notification.”
Cryptocurrency, security and data breaches
While cryptocurrency is inherently secure on the blockchain, the issue comes in with users not taking the correct precaution. Data breaches are already a common occurrence on social media, so it would be unsurprising for attackers to make the step into the growing realm of the Metaverse.
Kaspersky anticipates that cyberbullying and sexual assault would seep into the ecosystems of the Metaverse. The report notes:
“We have already seen cases of avatar rape and abuse, despite efforts to build a protection mechanism into metaverses. As there are no specific regulation or moderation rules, this scary trend is likely to follow us into 2023.”
Continued in the report, online criminals will take advantage of user accounts to pilfer their virtual assets or manipulate them into participating in shady transactions in order to obtain in-game virtual currency and valuable stuff, which will be one of their “primary goals.”