Kaspersky, a major cybersecurity giant has recently talked about the worst experiences of the cryptocurrency industry.
The experts at the cybersecurity giant have recently shared a report that is very alarming for the entire cryptocurrency industry.
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Although it concerns the entire crypto market, it is focused specifically on the Metaverse.
It is one of the fastest-growing segments within the crypto-blockchain industry offering a virtual reality experience and more to the users.
Findings Shared by Kaspersky
The experts at Kaspersky have recently dug deeper into the cryptocurrency industry, in search of scourges that are bigger than phishing, ransomware attacks, and malware, in the crypto-verse.
After doing thorough research, the Kaspersky experts have established that the cryptocurrency industry’s most sensitive segment is Metaverse.
It can become the next target of fraudsters and scammers when it comes to exploiting the crypto-blockchain industry.
The experts revealed that they fear the year 2023 would be the year when the metaverse becomes the target.
Latest Publication Kaspersky
The experts at Kaspersky have gathered all the important data and have made their predictions about the metaverse in 2023, sharing them via a publication.
The report was made public by the Kaspersky teams on November 28 and it talks about the security of the metaverse.
In the report, the experts have warned all investors and the crypto community to stay very vigilant. In the year 2023, a major exploitation spree would go after the metaverse.
Despite the constant developments in technology, not many developers have focused on strengthening the security of the metaverse projects.
Currently, the moderation rules and data protection are very low in the metaverse sector. Therefore, it is something that is extremely difficult to avoid for the metaverse.
The metaverse currently lacks all the aspects that can ensure its safety and protection. The metaverse is a source with a vast amount of data and information about the users.
If they end up getting breached, the outcomes of these activities would be catastrophic for the entire metaverse.
Metaverse’s Valuation to top $50 Billion by 2026
According to Kaspersky, there are few metaverse projects or platforms in the market. There are only a handful of firms that are working on metaverse technology.
This means that the metaverse industry is still small when it comes to the gigantic size of the crypto-verse. However, as the industry is growing at a fast pace, it is only a matter of time before its value surpasses $50 billion.
Rising Valuation Means a Rise in Crime
According to the report published by Kaspersky, as the industry keeps growing larger, more cybercriminals will continue entering the ecosystem. Their focus would be to exploit it with all their might.
Cybercriminals may increase their focus on a particular industry, coming up with different ways to lure people.
It may become very disastrous for the entire industry and for the participants who have an interest in becoming part of the ecosystem.
The most concerning part of the metaverse for cybersecurity observers is the user data that is available universally. The particular space honors no data protection laws because of its open nature.
The technology is open to anyone who is able to become part of the ecosystem. The cybercriminals can do the same and in return, access the open data floating from each participant.
The cryptocurrency regulations have to dedicate an entire section where it needs to talk about the regulations that will govern the metaverse technology.
The regulations will have to provide clear and independent guidelines pertaining to the usage and flow of data in the metaverse ecosystem.
It needs to provide clear guidelines on protecting the data as well as attempts to recover it following the data breaches.
The cryptocurrency industry is already a major victim of cybercrimes as it has lost over $2.5 billion in the running year alone. The figure seems to be rising every year so the developers have to be extra careful.