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Web3 – A Cybersecurity Threat?

Web3 – A Cybersecurity Threat?

by Adam
December 22, 2022

Has Web3 paved the way for new opportunities for cybersecurity attacks? What impact does Web3 have on cyber security? What is Web3? Does blockchain authentication make cyber security safer, and is Web3 security sufficient? Cybersecurity is a very sensitive topic for any organisation, as it is often the last line of defence against cyber-attacks. This blog will explore the impact of Web3 on cybersecurity and the latest trends in cyber security.

What is Web3?

Web3 is a decentralised platform that brings a new step in the evolution of the Internet. It is concentrated on adding value while boosting digital trust. Web3 is distinct from Web2 in that the latter focuses on having centralised access to data and using it without consulting the data’s owner. Web3 is built on blockchain technology (learn more about blockchain technology).

A decade ago, Gavin Wood, the inventor of cryptocurrencies, coined the phrase “Web 3.” Web3 is a decentralised user interface that aims to improve conventional Internet communication. It gives customers flexibility over personal data storage, privacy settings, and information monetization. Peer-to-peer interaction is also made possible via Web3, a decentralised interpretation of the classic concept of the Internet. In this environment, peer-to-peer communication should enhance consumer connections, foster greater loyalty and trust online, and prevent misunderstandings or information misuse.

The secret to data privacy in Web3, also known as digital wallets, is digital authentication. In this case, the user controls who receives access to the content stored in these digital wallets, eliminating third-party actors. As the Internet becomes more decentralised, cyber security attacks become less likely. However, if the digital wallet is ever compromised, all of the data is lost forever with no chance of recovery. Furthermore, today, the Web3 ecosystem barely has a foundation upon which to apply the idea at its core.

What are the impacts of Web3 on Cyber Security?

It would seem that a decentralised system and the exclusion of third parties from Web3 contact would increase the security of online communication. Blockchain does, however, have a number of security flaws. For instance, smart contracts that leverage blockchain technology may have security flaws that could be used against them. 

What other cyber security dangers are there? Phishing threats with Web3 are absolutely real. Attackers stole cryptocurrency from victims last October via phishing emails compromising 6,000 customer accounts at Coinbase. 

That raises another accountability risk for Web3. Web3 is decentralised and less regulated, as was previously noted, hence, there is no single authority controlling the network. In other words, users of Web3 cannot be subject to any legal framework.

What are the benefits of Web3?

There are definitely some:

Increased security

Security threats and hacking are facing more resistance. Control over personal information and devices has increased.

Increased privacy

Users can automatically encrypt their communications while using peer-to-peer software. It improves communication security and reduces the likelihood that crucial information will leak.

Reduced cost

The cost of services for customers as well as the wait time to receive those services are reduced because Web3 communication does not involve any third parties. Web3 facilitates communication between people and makes information more open and accessible.

The power of Web3 is that it gives the power of communication back to the individuals. The future is bright for Web3 and we look forward to all the opportunities that it will continue to create for us as a digital society.

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