While the introduction of new technology can be exciting, businesses that adopt new technology run the risk of cyberattacks and other vulnerabilities.
This is increasingly true with the adoption of the metaverse, and businesses will need to implement a security plan that encompasses new technologies to ensure they are protected from internal and external threats. If you are thinking about using the metaverse for your business, this article will help you gain more of an understanding about global cyber crimes and securing the metaverse.
Global Cyber Crimes on the Rise
2021 set a record for global cyberattacks, and the adoption of the metaverse is expected to generate a new upturn in this trend. Identity Theft Resource Center's 2021 Data Breach Report highlights 1,862 data breaches in 2021, surpassing both 2020's total of 1,108 and the previous record of 1,506 set in 2017. Checkpoint Research found that there was a 50% increase in the total volume of cyberattacks suffered by companies last year compared to 2020, and they expect a 50% increase in cyberattacks each year to come.
The peak of the pandemic in 2020, along with the expansion of the metaverse and new virtual reality environments during the post-pandemic period, fueled the increase in cybercrime cases over the last 2 years.
According to Checkpoint Research, the Education and Research sector experienced the highest volume of attacks in 2021, with an average of 1,605 attacks per organization per week, up by 75% compared to 2020. In the second position came the military and government sector, with 1,136 attacks per week, up by 47% year-on-year. In the third position was the telecommunications industry, with 1,079 attacks per week, up by 51% year-on-year.
As businesses consider adopting new technologies and potentially exposing themselves to vulnerabilities, it is critical to understand the risks associated with using the metaverse.
Why Does the Metaverse Need Protection?
The metaverse is a broad term encompassing a range of virtual possibilities. VentureBeat describes the metaverse as a new, enhanced version of the internet that uses virtual reality and augmented reality (VR/AR) to provide a fully immersive online world experience.
This combination of the digital and physical worlds provides an exciting outlet for businesses wanting to remain competitive and at the forefront of innovation. A recent example of this is with Facebook in its rebranding to Meta.
At its core is Meta’s social VR platform, Horizon Worlds, which allows users to build custom environments to hang out and play games in as avatars. With Facebook’s expansive data breach last year, the company will want to ensure it is protecting itself and its users with its venture into the metaverse.
As the metaverse continues to grow and expand, new risks associated with the cyber universe will arise. Cyberattacks likely to affect the metaverse include:
- Malware, hacking, and traditional phishing transferred to virtual environments.
- Theft of virtual assets, including cryptocurrencies and NFTs.
- Attacks on privacy and digital identity.
New risks linked to the emergence of the metaverse also bring types of cyberattacks that are unique to virtual environments, such as attacks on the hardware itself. The metaverse requires a series of technological equipment, such as VR glasses, to function which, once connected, run the risk of becoming a new target for cyber attackers.
By gaining access to a user’s hardware, an attacker could aim to manipulate augmented reality in a scene in such a way that users are maliciously directed towards a busy street or dangerous physical situations, such as unprotected and lonely spaces where they can later be robbed. Organizations like the XR Security Initiative (XRSI) are conducting research on these risks to improve the privacy and security of immersive environments.
Attacks against digital identity and data privacy are apparent, as technological equipment for virtual reality has the capacity to record, store and analyze a massive volume of data on the user's daily activities. Safeguarding the privacy of this information is another critical security aspect in the metaverse. A primary example of this can be found with deepfakes.
When users create a virtual replica of their identity and daily activities in the metaverse, cyber attackers are granted the opportunity to impersonate other people by stealing the virtual identity of another subject or entity.
While the metaverse brings security risks, it also brings opportunity. Companies are beginning to form a new innovation ecosystem that has emerged to cover this new demand for virtual network security.
Opportunities for Securing the Metaverse
As more and more businesses experiment with the metaverse, an increased demand for security services in the metaverse is evident.
JP Morgan predicts that the metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues. There is a lack of experts to cover all of today's cybersecurity demands, which represents a major business opportunity for companies looking to target the specific field of security in virtual environments.
According to Cyber Seek, there are currently 1.1 million employees working in cybersecurity in the U.S. However, there are more than 700,000 job openings in the cybersecurity industry, meaning only 68 percent of open jobs are filled.
According to research by the Mundo Hacker Academy, 37% of current cybersecurity needs remain uncovered in the European Union. This data highlights the fact that there is ample opportunity globally in the cybersecurity industry, which will continue to increase with the growth of new technologies and the metaverse.
Although the pandemic brought a myriad of challenges, it also accelerated the digitization of people’s lives and normalized more persistent and multi-purpose online engagement and communication. The metaverse offers a world of opportunity for businesses and users along with the challenge of staying protected from cyberattacks.
Determining cybersecurity solutions for the metaverse may be intimidating, but with some research and the help of a global security leader like Prosegur Security USA, you can make the best protection decision for your business.
Mike Dunn is chief technology officer at Prosegur Security USA.
