Metaverse: A New Frontier for Innovation, Entertainment, and Scams!

For day 2 out of the RSAC 2023 I'd like to focus on Metaverse and all it's expected threats.

The #metaverse is a virtual world that is gaining immense popularity among people worldwide.?

It is a convergence of digital infrastructure, entertainment, and monetization, where people can create their digital identities and interact with each other.?

?? Facts&Figures (Source Brandshield)

The metaverse is estimated to be worth $47 billion in 2023, with an expected value of $800 billion by 2024.?

With over $120 billion invested in the market in 2022, it is no surprise that the metaverse is prone to scams!

Scams can spread through email, social media, #NFT, #AI, #VR, and the metaverse, targeting executives, employees, and customers alike.?

The anonymity that comes with the metaverse, lack of clear regulations, and unsecured virtual currency make it a fertile ground for scams.?

?? As a result, the metaverse is vulnerable to phishing, impersonation, in-app purchase scams, NFT-related scams, and cross-site scripting, among others.

To keep themselves safe from metaverse attacks, brands need to take proactive measures in terms of #riskmanagement.?

• Firstly, they need to educate their employees, customers, and partners about metaverse scams and how to detect and report them.?
• Secondly, brands should work with security experts to assess the risks posed by the metaverse and develop a risk management strategy.
• Finally, brands need to invest in the latest cybersecurity technologies and solutions to detect and prevent metaverse scams.?

This includes:

-AI-powered fraud detection systems

-#Blockchain-based security protocols

-Real-time monitoring and analysis tools.?

Conclusion: When I look at these measures, i.e. recommendations, I personally see no big difference to the general #cybersecurity protection measures that we already use today.

?? Another personal hint..

At almost every security event I hear statements such as:

First of all you have to know your environment in order to defend it and secondly you have to have a clear response plan if the company has been successfully attacked, in short "be ready for the crisis, #cyberresilience ".

Last night I went with a partner to a good restaurant in San Francisco. There was an unexpected power outage that affected several blocks.?

The restaurant belongs to the top 10 places to be. But there was no UPS in place, so we were told the following by candlelight: "The wine, the food is all on the house. The tills don't work anymore"!?

Swisscom #Swisscom