Trend Micro Reports Vulnerabilities in Metaverse Security Development
"Illegal or criminal activity is likely to thrive in the darkverse because it will be difficult to track and monitor," Trend Micro said.
New
In a new report from Japanese-American cybersecurity firm Trend Micro, the company said the Metaverse has growing vulnerabilities that could materialize in the next three to five years.
As reported by Trend Micro, the top threats to the industry, primarily from a regulatory perspective, include NFT security issues, the development of a "darkverse" similar to the dark web, financial fraud, privacy concerns, physical threats, augmented reality (RA) threats, social engineering and traditional IT attacks.
Regarding NFTs, Trend Micro specifically wrote:
"Ownership of NFTs are verified using blockchains, so they are susceptible to blockchain hacking attacks. NFTs that rely on more blockchains small ones could be vulnerable to a Sybil attack. This is where the attacker takes control of more than 50% of peer nodes that verify transactions and can therefore manipulate NFT ownership verification. Finally, a metaverse space may not not honor the property asserted in the NFT because there is no legal reason to do so."
The company also believes that criminal groups could be attracted to the Metaverse world due to the huge volume of e-commerce transactions, stating, "In the Metaverse, we're likely to see more pump and dump systems. Malicious actors will increase the value of digital assets through fake endorsements, endorsements, and investments; then dump the assets. In theory, the valuation of virtual lands is highly dependent on perception and could be subject to manipulation.
Finally, Trend Micro thinks law enforcement may run into trouble during the first two years of Metaverse development...
"Illegal or criminal activity is likely to thrive in the darkverse because it will be difficult to track and monitor," Trend Micro said.
New
In a new report from Japanese-American cybersecurity firm Trend Micro, the company said the Metaverse has growing vulnerabilities that could materialize in the next three to five years.
As reported by Trend Micro, the top threats to the industry, primarily from a regulatory perspective, include NFT security issues, the development of a "darkverse" similar to the dark web, financial fraud, privacy concerns, physical threats, augmented reality (RA) threats, social engineering and traditional IT attacks.
Regarding NFTs, Trend Micro specifically wrote:
"Ownership of NFTs are verified using blockchains, so they are susceptible to blockchain hacking attacks. NFTs that rely on more blockchains small ones could be vulnerable to a Sybil attack. This is where the attacker takes control of more than 50% of peer nodes that verify transactions and can therefore manipulate NFT ownership verification. Finally, a metaverse space may not not honor the property asserted in the NFT because there is no legal reason to do so."
The company also believes that criminal groups could be attracted to the Metaverse world due to the huge volume of e-commerce transactions, stating, "In the Metaverse, we're likely to see more pump and dump systems. Malicious actors will increase the value of digital assets through fake endorsements, endorsements, and investments; then dump the assets. In theory, the valuation of virtual lands is highly dependent on perception and could be subject to manipulation.
Finally, Trend Micro thinks law enforcement may run into trouble during the first two years of Metaverse development...
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