Web 3.0 has immense potential for digital transformation. However, it is also susceptible to anomalies that could influence and breach the system. Vision of decentralization can demolish the centralized control of Big Tech. Web 3.0 use blockchain to distribute power and grant better control to end users. At the same time attacks on blockchain are more harmful than conventional application attacks. Blockchain attacks are irreversible and contingent on smart contracts that could cut across the network.
Web3 Security Best Practices for Risk Mitigation
1. Integrate security by design principle. A security-minded criteria needs to be embodied into designs, products and infrastructures. Also minimize attack surface areas, maintain separate and minimal privileges, secure defaults and Zero-Trust frameworks.
2. Consider distinct blockchain designs to apply security more strategically. Public and private block chain networks have different complexities. Public block chain networks allow anyone to join whereas private block chain networks validate user identity, membership and their privileges.
3. Create awareness of Web 3 market and trust dynamics. Certain regions, far more than technology, includes several dynamics such as legal, economic and cultural. For example, in case of identity some configurations or integrations may conflict with present compliance regimen. Not only identity but various jurisdictions have different crypto technology regulations. Most of the Web 3 objects are decentralized autonomous organizations or projects. Security issues related to social engineering also needs to be considered.
4. Need to collaborate with industry on security resources and intelligence. Support cyber-risk management programs to understand emerging threats.
5. Enable security governance for Web 3 projects. Developers and security professionals should ask questions and their answers must align with organization’s cybersecurity governance program. Organizations should model, analyze and mitigate risks through out the development process.
6. Implement attack prevention techniques. Handle frequently occurring threats, such as phishing, across both technology’s architecture and UX workflows.
7. Evaluation and testing of project needs to be done prior to and after the launch of each release. Also conduct routine audits as developers may lack security governance.
While evaluating the potential of Web 3.0, tech builders and businesses should proactively take security into consideration and security leaders must cradle new class of Web 3 security technologies to handle security incidents.