Web 3.0 not only brings whopping scale and prospects to all of its stake holders, but also comes with evenly captious challenges of security risks that web 3.0 has to battle with. Although Web 3.0 offers several transformation and digital revolution opportunities it’s equally lucrative for cyber criminals to break into system. New age technologies such as Artificial Intelligence (AI) and Blockchain are being leveraged in the development of Web 3.0 for better safety. Improved protocols and decentralized approach also plays a vital role in safety.
To ensure data safety and security below five cyber security challenges must be considered,
1. Authenticity of Information
Web 3.0 will be controlled by decentralized data management and emerging technologies. Hence data saintliness and originality of the information will be maintained. But there are certain concerns raised such as,
- Whether the machine managed data in Web 3.0 contain safety and accuracy checking mechanism?
- Who will be decision maker on information accuracy?
- Why or What would be motivation for promoting fact-based information in Web 3.0?
2. Data Manipulation
Without rigid checking mechanisms, bad actors could turn Web 3.0 into world’s tectonic source of disinformation. People could misuse the data from search engines to frame yields they wish to have. For instance, Microsoft’s Tay chatbot was turned out to be a Racist chatbot.
3. Data Availability
In Web 3.0 everything will have a digital representation and the web will have an excess reliance on data. Here the concern is how web 3.0 will continue to function if data are unavailable. Gap between information demanded and available is huge and this lack of available data could risk the growth of Web 3.0.
4. Confidentiality Issue
Threat of data breaches will aggravate in Web 3.0. Even though Web 3.0 comes with better data protection mechanisms, chances of accidental data leakage will always be there. Cyber security experts need to come up with better systems to block the breakage of data even before it happens.
5. Financial Losses
Block chain technology is considered as a secure solution but attackers might get unauthorized access to digital assets and wallets through some loopholes in crypto technology. In case of a breach, recovery of money and digital assets is almost undoable. Since decentralized technology is the underlying principle of crypto and digital assets, no mechanism available to track finished transaction and reclaim the lost amount. So a breach in the system may lead to unrecoverable financial losses.
Web 3.0 can take internet industry to new horizons of growth and profitability. However, it has to secure its functional process and operational mechanism from cyber security risks and industry must come up with plausible answers for safety and security concerns of its potential users to build trust in them.