What is the metaverse? It is a hot topic for sure! Metaverse can be explained as, in the words of Trend Micro, the Internet of Experiences (IoX). However, as the concept evolves, definitions of the metaverse will change too. Now, this space is being haunted by potential cybersecurity threats, which have been delineated below.

NFTs

NFTs have already been suffering a huge amount of cyberattacks from all kinds of threat actors. Security issues involving NFTs include asset transfers and scammers cloning an NFT by modifying a few bits of data in the protected file. In May, attackers were found targeting Pixiv and DeviantArt users in Japan via fake job offers. The offers pretended to come from the Cyberpunk Ape Executives NFT project and infected the victim machines with infostealers. 

Financial fraud 

The high volumes of financial transactions over the metaverse are anticipated to attract cybercriminals attempting to steal money and digital assets. Researchers found that financial credentials have the second-largest revenue potential for threat actors, only preceded by gaming site accounts. 

Social engineering

Lately, phishing and smishing attacks employing social engineering tactics have become really popular among cybercriminals. For instance, Meta claimed to have taken action against two distinct cyberespionage campaigns—operated by Bitter APT and Transparent Tribe—on its social media platforms. Since the metaverse is not limited to physical boundaries, a greater number of people will be exposed to global scammers and social engineering attacks. 

Conventional IT attacks

While the metaverse is going to expand the attack surface, traditional cybersecurity threats, including DDoS, ransomware, and cloud-specific attacks, among others, will still run rampant.
  

The bottom line

With massive investments made into the metaverse space, it is now necessary to start designing and implementing relevant security measures. As the concept is still evolving, building proper security strategies poses a challenge. However, anticipating these cybersecurity threats and acting proactively will help stay safe.
Cyware Publisher

Publisher

Cyware