Web3 Security – A Tale of Advancement and Cyber Attacks

Web3 is the next version of the internet, including blockchain technology, decentralized networks, and cryptocurrency. There is considerable momentum behind Web3, and many of its components are already deeply embedded in the larger public mind, even if it seems like a far-off, futuristic concept. A number of innovative security concerns are also arising as a result of cutting-edge Web3 technologies in various sectors and aspects of daily life. Consequently, you must ask what additional risks are emerging due to the state of technology. This article at Hackernoon by Priya Kumari shares three best practices for Web3 security.

Web3 Security

When assessing Web3’s potential, technology developers and companies need to be proactive about security. As Web3 security concerns grow around blockchains and cryptocurrencies, Web3-native attacks have come to the forefront. These attacks span decentralized applications, exchanges, and wallets in addition to the more prevalent problems of social engineering, insider exploits, and flawed implementations.

Web3 Exploitation

The blockchain powers cryptocurrencies. It is a powerful technology that can swing both ways based on the user’s intent. Therefore, attacks in the blockchain industry frequently cause more harm than attacks on conventional software. When exploited, these events cascade across multiple nodes rather than just one, making them irreversible.

According to Forbes, several high-profile cryptocurrency heists in recent years have occurred on blockchains. Many cybersecurity experts concur that a 51% attack would only be a learning curve for these organizations. The value of double-spent bitcoin gold tokens exceeded $72,000 in 2020 because of a 51% attack on bitcoin gold. Axie Infinity was recently compromised by hackers that stole from the Ronin blockchain, totaling $625 million.

The author also elaborates on expensive lessons learned from crypto-jacking and phishing attacks.

Steps to Protect Yourself Online

Use a website verified by a third-party such as Google, Bing, etc., and ensure the website is encrypted with HTTPS.Report any impersonation attempts to prevent and contain any damage to your office.Do not click on links from people and sources you do not know.Use credible sources for downloads and installs.Do not share your credentials with anyone.Monitor your account balance and activity regularly.Share sensitive information only through secured channels.

Furthermore, the author discusses the importance of sensitization to bolster your security posture.

To read the original article, click on https://hackernoon.com/the-best-practices-for-web3-security-risk-mitigation

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