Dubai, UAE, 21 April 2022: As businesses, organisations, governments, and consumers begin the transition to Web 3.0 the need to remain protected online is more important than ever. Cisco Talos has done extensive research into the various security threats posed by this new environment and has developed a checklist of guidelines to help safeguard users.
In its current form, Web 3.0 has not fully matured to deliver a fully immersive metaverse experience, but this technology is constantly improving. With these advancements come a host of risks. Cisco Talos has collated its most important tips to help users stay safe in Web 3.0.
“At Cisco we understand the benefits and possibilities that Web 3.0 will bring to users. More functionality, better technology and seamless interactions. However, with these new opportunities also come potential security threats. Cisco Talos has examined these threats and by following these guidelines users can stay safe online while enjoying the benefits of Web 3.0”, said Fady Younes, cybersecurity director, Cisco Middle East and Africa.
Practice good security fundamentals
The simplest advice is often the best and by getting into the habit of choosing solid passwords and using Multifactor Authentication when practical, users can go a long way to ensure their safety. Furthermore, by segmenting networks, logging network activity and reviewing those logs organisations can catch problems before they become serious. It is also important to examine Internet, ENS domain and crypto wallet addresses for cleverly hidden typos that are a red flag for fake websites. As such it is crucial users do not click onto links that are sent to them unsolicited via social media or email.
Always protect your seed phrase
Cisco Talos believes it is imperative that users always protect their seed phrase, which sometimes comes in the form of a QR code, and never give it out anyone. This is important because cryptocurrency wallets are increasingly being used for identification and personalisation of metaverse content and as a result losing a seed phrase will mean losing control over the user’s identity and personal digital belongings.
Consider a hardware wallet
The most robust security systems use many different layers of security. Using a hardware wallet adds another level of protection to cryptocurrency or NFT holdings because the user must plug in the device, enter a pin and approve or reject any transactions involving the wallet address.
Fully research your purchases
With the growing popularity of buying and minting NFTs more people than ever are deciding to invest. To do so safely users should look up the smart contract address to see if the source code is published. Source code that is unpublished is a warning sign. To ensure the potential investment is good, users should look up information related to the developers of the NFT project. Anonymous developers can easily pull the rug out from under investors. To avoid being of a victim make sure payment is made to the legitimate project on the correct blockchain. If connecting a cryptocurrency wallet to purchase or mint an NFT, use a newly generated wallet address holding just enough funds to cover the cost of the purchase. This approach will make sure if anything happens the user will not lose the entire contents of their main cryptocurrency wallet.
Web 3.0 is set to usher in a new era of features and opportunities but with that comes a host of new threats. By following these simple tips from Cisco Talos users can make the most of their web 3.0 experience while being aware of the risks.