Cyber Security Considerations for Web3.0: How to Protect Your Data in the New Decentralised World

The way the internet is organised is undergoing a considerable transformation. There is a shift in the internet’s architecture from a read/write model to a newer model known as Web3.0. With Web3.0, users and the community take ownership of the internet instead of large and centralised corporations. Growing anti-big tech sentiment and concerns about big tech’s ability to develop egalitarian platforms that behave in the best interests of their communities have contributed to its emergence.

Web3.0 is coming, and with it will come a whole new set of security concerns. On the one hand, this makes sense as the Web3.0 ecosystem is more complex than ever before; on the other, it’s harder to get your head around what it might seem at first glance.

Web3.0 is fundamentally concerned with enhancing and resolving problems associated with present centralised platform-mediated interactions. Avivah Litan, a Gartner analyst, described Web3.0 as a “decentralised web” in which people are in charge of their data and identities. Trust verification, privacy protection, decentralised infrastructure and application platforms, and decentralised identities are all part of Web3.0’s foundational technology. Users, developers, and content creators will be able to vote on a platform similar to how a cooperative works. This is a revolutionary step. However, cyber security professionals must consider the cost of this greater link. Therefore, we cannot underestimate the importance of security in developing Web3.0 applications. Web3.0’s open, decentralised networks might improve data security in the future.

In terms of security, decentralised architectures have some advantages, but they also have some disadvantages. Securing the architecture, smart contracts, and data has never been more difficult because of the increasing exposure to an attack surface that comes with more transparency. According to recent predictions, data leaks and ransomware assaults are expected to pick up steam in 2022 as we move deeper into Web3.0. Due to the high-profit margins of ransomware and digital extortion, these attacks are likely to grow more widespread. Web3.0 sees an increase in cyber crime because of the rising value of cryptocurrencies, the desire of victims to pay, and the difficulties in capturing the perpetrators.

What is Web3.0?

Web3.0 is the next generation of web-based solutions and infrastructure that uses machine-based intelligence to provide a data-driven semantic web. The goal of Web3.0 is to create more intelligent, interconnected, and transparent websites.

Websites and applications of the future will be able to handle information in a human-like manner thanks to technologies such as machine learning (ML), Big Data, decentralised ledger technology (DLT), and so forth. Web3.0 inventor, Tim Berners-Lee termed it the Semantic Web because he wanted it to be a more autonomous Internet.

We can further define Web3.0 as follows: data would be interlinked decentralised, which would be a giant leap from our present internet generation (Web2.0), where data is usually housed in centralised repositories. In addition, data will be accessible to both humans and machines. However, for this to occur, programs must be able to comprehend information both conceptually and contextually. With this in mind, the two pillars of Web3.0 are the semantic web and artificial intelligence (AI).

Advantages of Web3.0

At the heart of Web3.0’s design, Blockchain technology disallows any one person or organisation to have complete control over an ecosystem because it is decentralised and can lead to enhanced robustness. Instead, the power to make decisions rests with all of the users. There is no governing body in Web3.0 and blockchains are databases that hold documents while assuring security and transparency through algorithmic safeguards. Users’ data on Web3.0 has been made opaque, and their identities have been removed from the data. As a result, consumers retain ownership of their data and can identify who has access to it and their level of access.

Web3.0 users can currently engage with them without revealing too much personal information when it comes to protocols. However, one can only imagine the possibilities of empowering them to make decisions about when and how to share their data with others in the future.

Security Risks of Web3.0

Since Web3.0 offers to bring several prospects for growth and development, it also raises worries about security. Several reasons why a poorly defined Web3.0 could constitute a cyber security concern are:

Growing concerns about Web3.0’s cyber security are sure to emerge. Consider security and privacy solutions at the beginning of any project. In an ideal world, the web would be free of content gatekeepers, and AI would be able to distribute relevant information to everyone. Security must be built in from the ground up to prevent that dream from turning into a nightmare.

We can conclude that the future of Web3.0 is bright, especially when one considers the need for more trustworthy and reliable data sources at a time when significantly fewer people trust the information they read on websites and social media. The technological requirements are already in place to bring this vision to fruition, but there’s still work before it becomes a reality. Web3.0 technology, like all technologies, has the potential to be abused by malicious individuals. As a result, we must continue to invest in security solutions because cyber security is a huge problem that needs to be solved before it becomes unmanageable.

There are many cyber security considerations to consider when building a Web3.0 application. It is important to design your application with security in mind from the beginning and make sure all users know the risks and how to protect themselves. Additionally, it is essential to use well-known and reputable security protocols such as HTTPS and two-factor authentication. Finally, always stay aware of the latest cyber security threats so that you can deploy appropriate countermeasures.

Meanwhile, we may look forward to a world where our data is held decentralised and openly accessible in the years to come.

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