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Aug 11 2022 | by Mohammed Hanif

Does the Metaverse Open Up a New Enterprise Cybersecurity Front?

The much-hyped topic, the metaverse, is quickly becoming the go-to socialization space on the internet. And many companies are on the road to leveraging metaverse's process agnostic nature and benefit from its true potential. No wonder the metaverse market size is projected to surpass $225 billion by 2028. 

Applications related to metaverse most commonly benefit industries like healthcare, education, real estate, and manufacturing. Enterprises within these industries can benefit the most from augmented reality (AR) and virtual reality (VR), which make up the primary components of the metaverse. 

Although this virtual, digital world looks promising to many companies as it can change how they interact with their users, is it secure enough?  

Why Is the Metaverse Susceptible to Enterprise Security Risks? 

In 2022, cyberattacks are not uncommon. As technologies have advanced, so have the number and impact of such cyber threats. Considering metaverse is still in its early years, security is a major concern for enterprises dealing with sensitive data exposed on their metaverse platforms. 

vulnerabilities and challenges organizations could face in this "new digital world."  

Cybersecurity Challenges Enterprises Could Face with The Metaverse Applications 
1. Data Privacy Concerns 

One of the metaverse's fundamental risks is the invasion of privacy, causing severe security breaches. Since using the metaverse applications involves data streams, user profiling, cloud storage, and wearable tech, each component and endpoint arrives with its own set of privacy risks.  

Adopting metaverse and related applications means testing out new platforms and introducing an entirely virtual landscape powered by unique infrastructures into the tech ecosystem. Therefore, it shouldn't come as a surprise that safeguarding the enterprise data in the metaverse is more complex. 

Let's look into the security  

Besides, the metaverse and its applications are yet to be regulated, which means a lack of policy and adequate regulatory measures in place. Cyber threats like data tampering, unobtrusive data collection, deepfakes, identify theft, etc., could be typical of the metaverse space. 

2. Fraud and Phishing Attempts Within the Metaverse  

Email phishing is one of the common cybersecurity threats enterprises face in metaverse-hosted applications. Since it is relatively the easiest of threats to pervade, enterprises need to be conscious of “policing” their virtual space. For instance, a recent phishing attack on OpenSea, a prominent name in the metaverse space, caused investors to lose $1.7M of Ethereum. 

Again, the chances of fraudulent activities taking place within the metaverse are increased due to the lack of regulations. Instances like unauthorized data access and stealing of digital assets have been rampant across this space. 

3. Identity Theft 

Attackers can carry out identity scams within the metaverse by posing as an authorized entity and stealing sensitive enterprise-related data or assets (akin to how this usually works in any digital space). Such impersonation attacks on enterprises can lead to major financial losses and decreased customer trust.  

Therefore, not discussing cybersecurity measures before investing in a metaverse application can lead to grave situations that enterprises can find extra hard to get out of. 

4. Hacking Attempts into Users' Intellectual Property 

Metaverse has opened doors to all kinds of modern hacking and related malicious practices. Hackers tend to exploit the metaverse vulnerabilities and look for entry points to hack into applications and devices. 

Successful hacking can lead to a rise in social engineering attempts of the enterprise employees and ultimately lays confidential business information at risk. Attackers can even compromise cloud-stored data, hack into devices utilized within the metaverse applications, and steal location data, biometrics, authorization, etc. 

How Can Enterprises Secure Data and Networks While Adopting Metaverse Applications? 

Security risks aside, the metaverse is a promising, futuristic technology that is expected to soon introduce incredible changes in the way people interact. And if adopting metaverse into your operations is part of your business agenda, here's how you can secure your enterprise communications and data from cyber threats: 

  • Regulating stricter policies for data privacy and security within the organization. 
  • Proactive monitoring of data breaches, hacking attempts, phishing, etc. 
  • Being vigilant and educating employees to increase awareness. 
  • Implementing risk mitigation strategies to avoid or quickly recover from potential data-related risks. 
  • Using sophisticated software tools for an autonomous response to cyberattacks.  
  • Ensure the tools you use have the capability to learn as they go along to be able to address new and emerging threats. 

The metaverse and its applications, which are still in their infancy, have a long way to evolve. To stay resilient yet competitive in the marketplace, every enterprise needs to get its security measures up to the mark. By doing this, the metaverse potential can be sustained so that it does not pose a security hazard for your organization.  

Novigo Solutions has partnered with the leading self-healing, autonomous response solution Darktrace, to offer enterprise-grade security against phishing, social engineering, insider threats, compliance challenges, IoT compromises, ransomware, and more.  

 Reach out to us to know how Novigo Solutions and Darktrace can help address all your cybersecurity needs.  

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