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What Are the Cybersecurity Risks of Crypto and Web 3.0?  

A ransomware attack on a decentralized finance platform has illustrated that the realms of cryptocurrency and what’s known as Web 3.0 are hardly immune to cybersecurity concerns.

bitcoin 2008262 640smallAs CPO Magazine reports, Qubit Finance recently acknowledged that hackers stole $80 million in cryptocurrency from the DeFi platform.

In a timely piece, Security Magazine outlined four cybersecurity risks of Web 3.0, a name that refers to a potential decentralized internet based on blockchains, best known as the technology powering cryptocurrencies such as Bitcoin.

First on the list is information quality. If Web 3.0 means a shift from the social internet of Web 2.0 to more machine-controlled data, ensuring the accuracy of that information could become a security issue. As such, the second risk highlighted is data manipulation. Cybersecurity practitioners may need to combat attempts meant to disrupt data used to feed artificial intelligence.

The availability of data in Web 3.0 is another concern. The broken links of today may suggest that tomorrow’s cybersecurity pros will face more dependence on systems that their teams don’t oversee. Last but not least are risks around data confidentiality. Cybersecurity pros may need to prepare for a world where, with data being used by machines, the risks of private information spreading widely will likely increase.

As Information Age reports, about 98% of ransom payments are now in Bitcoin. Criminals are also gaining access to the account keys for crypto wallets, blocking people from their investments and keeping the assets for themselves. “Cryptojacking” and “cloud cryptojacking,” where hackers use someone’s computer or an organization’s cloud environment to mine cryptocurrency without their knowledge, is also prevalent.

Some organizations are staying ahead of crypto-based hacking efforts with practices such as content disarm and reconstruction, or CDR. That entails scanning and rebuilding a file to the known good manufacturer’s specification to be certain it contains no malware.

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