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?
Cryptojacking
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. It’s a threat that, although it may not harm a user’s device like traditional malware might, will directly affect a user’s pockets—your electric bill can skyrocket from the constant use of computing power as crypto coins are harvested without your consent.
Continue reading: https://www.forbes.com/sites/forbestechcouncil/2022/05/04/the-rise-of-web3-what-cybersecurity-concerns-should-we-look-out-for/?sh=1597c0e5672f
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?
Cryptojacking
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. It’s a threat that, although it may not harm a user’s device like traditional malware might, will directly affect a user’s pockets—your electric bill can skyrocket from the constant use of computing power as crypto coins are harvested without your consent.
Continue reading: https://www.forbes.com/sites/forbestechcouncil/2022/05/04/the-rise-of-web3-what-cybersecurity-concerns-should-we-look-out-for/?sh=1597c0e5672f
