Cyberattacks old and new will inevitably make their way into the metaverse
Yahya Mohamed Mao
Head Marketing & Communications at Swiss GRC | CMO to Watch 2024 | Certified GRC Professional (GRCP?)
Like any other new technology, the metaverse also has quite a few setbacks in terms of metaverse security and privacy concerns.
It may be the new buzzword in technology, but for it to be a real success, the security considerations of the metaverse must be taken into account. As with any new technology platform, protecting the metaverse and investing in such IT platforms will depend heavily on adoption. While the metaverse may seem like a vague concept to many, like everything else affected by technology, it will need security, perhaps to a large extent. The understanding of metaverse security must begin by addressing existing problems in the current digital landscape. Mark Zuckerburg described the metaverse as “the internet embodied in which you are in the experience, not just looking at it.” While the virtual platform promises to provide many opportunities for companies to transform the way they work, we cannot discuss the metaverse without addressing or including cybersecurity issues. Metaverse threats are just one element, albeit a critical one, of the broader cybersecurity threats that many businesses face today. As organizations begin to turn to metaverse platforms, the cybersecurity threats associated with them must be considered. However, monitoring virtual worlds and detecting attacks on immersive virtual worlds will be "more sophisticated" than current platforms. Cyberattacks old and new will inevitably make their way into the virtual world, highlighting the need to create immersive virtual worlds to ensure strong security from the start. As virtual worlds and augmented reality platforms evolve into what their creators call the "metaverse," users and businesses will face entirely new classes of security risks and pitfalls. Researchers say it is possible to predict a number of new security threats in the metaverse environment, some of which could have physical consequences in the real world. Experts predict that as the metaverse evolves, security flaws that most of them never even considered will become common risks. In addition, the metaverse also presents physical security issues due to the loss of audiovisual connection to the real world.?
Security and privacy concerns related to these technologies may affect the metaverse. The AR and VR technologies that underpin the metaverse can also lead to many privacy and security issues, such as cyber credential theft, identity theft, social engineering attacks, and ransomware attacks. External electronic devices such as cell phones and VR headsets are critical in virtual worlds, and these hardware devices can be hacked if access and endpoints are not properly secured. Not only may several new types of cyber threats exist in the metaverse, but many more users are also vulnerable to these threats.?Despite the virtual nature of the metaverse, physical security threats are already prevalent in online environments. Users must always have a clear understanding of their surroundings to avoid physical security issues in the metaverse. While cyber security software companies may be able to provide physical security analytics to provide real-time information on threats affecting people's safety, there will be physical security threats in the metaverse that need to be mitigated.?
Attacks like social engineering and wallet cloning will only get more aggressive in the metaverse. Many threat actors have a significant vulnerable user base, so a robust cybersecurity architecture is essential to secure and protect the metaverse. For now, the true value of potential data and cyber hacks still lies in underlying legacy systems, but as the metaverse becomes a new marketplace for both personal data and commerce, the risk of hacking becomes inevitable. From training, decision making and events to holotransport, teleoperations and new business opportunities, the metaverse offers new opportunities for unanticipated security threats to consumer, commercial and enterprise markets.?While hardware security is a clear necessity in a moving metaverse, one perhaps more important issue concerns what seems to be intertwined in every aspect of today's technology: data and privacy. In this regard, since the metaverse relies heavily on virtual reality headsets, in some cases provided by companies known to collect large amounts of personal data, there is also the problem of collecting personal data using external digital devices, which is a serious breach of security, if not properly protected. Industry commentary focused on the level of security built into metaverse platforms and whether this will determine their success with consumers. While cyber authorities and the tech industry as a whole have a responsibility to change current security policies and educate companies about the various implications of cyber risks that exist on these virtual platforms, organizations not only need to rethink their existing cyber security strategy, but also must apply an advanced risk management framework to better protect the security of all participants in the metaverse.
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The metaverse will be the next big thing for risk managers. A recent study by the Lucerne University of Applied Sciences and Arts (HSLU) shows that cyber risks in Switzerland are still not properly included in risk management.
The HSLU's study by Prof. Dr. Stefan Hunziker and Prof. Armand Portmann reveals that the governing bodies are aware of the dangers, yet cyber risks are still too often treated as a purely IT problem. The authors of the study identified a fundamental problem in the lack of a compatible language between the CISO and risk management. The study also found that the dangers of the IT world are located too low in the hierarchy and are thus not taken into account enough in strategy development. As interactions in the metaverse world evolve, complexity will rise, and risk management will become increasingly important with regards to threats. Because disruption is inherent in the metaverse, risk professionals will be challenged to explore and manage new risks. Discussions about potential regulations, privacy barriers, and cyberattack vulnerabilities are already underway at government, industry, and societal levels, but a metaverse could emerge without addressing all the risks associated with it. While the virtual world offers huge opportunities for brands to engage with their customers, the platforms hosting such worlds must ensure that their defenses easily adapt to the new forms of fraud, identity theft, and money laundering methods that are bound to emerge. Drawing on the experience of sectors that have grown significantly in recent years, such as esports, gambling, and cryptocurrencies, risk managers must be provied with advanced tools that help them understand and monitor the typical risks associated with the metaverse. These risks are both old and new threats. Virtual property rights and jurisdictional concerns are evident to Jason Ekberg, a Shanghai-based Oliver Wyman partner. There are also market hazards for anyone trading NFTs, as well as risks associated with financial market legislation such as anti-money laundering (AML) and know-your-customer (KYC). With the metaverse and other top technology trends having the most momentum in today's dynamic and accelerating world, will the fundamental problem in the lack of a compatible language between the CISO and risk management finally be resolved?
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