The Growing Cybersecurity Concerns are Threatening Web 3.0

Are security measures good enough to counter the cybersecurity issues on Web 3.0?

Web 3.0 is the generation of interest where apps and websites can analyze data like a human with the help of Machine Learning, Big Data, and decentralized ledger technologies. Data here is decentralized and open, unlike Web 2.0 and it is autonomous and intelligent.

Cybersecurity is the most important in the technology world. And as Web 3.0 develops, more cybersecurity risks will come to light. At present risks like Information quality, Data Availability, Data Confidentiality, and Data Manipulation are being the major concerns.

What is web 3.0?

Web 3.0 employs artificial intelligence to provide more accurate results faster while also allowing users to access real-time data. Web 3.0 allows users to use 3D visuals and visualizations. The Semantic Web capabilities are another important feature of Web 3.0, as they can help with efficient word comprehension. As a result, in Web 3.0, both machines and people will be able to easily find, distribute, and analyze data.

Furthermore, Web 3.0 enhances privacy and security. User data security and identity protection are also emphasized in Web 3.0. Web 3.0 uses advanced authorization techniques including distributed ledger technology and encryption to protect user identity and data.

How is it different from Web 2.0? Where Web 2.0 is centralized and controlled by an organization, Web 3.0 is decentralized and run by a set of algorithms and smart contracts on the other hand. Data is collected by the organization and used for benefitting the organization in Web 2.0, Data here is available for all.

Is web 3.0 secure enough with cybersecurity? What are the risks involved?

Web 3.0 is the generation of interest where apps and websites can analyze data like a human with the help of ML, BG, and decentralized ledger technologies. Data here is decentralized and open, unlike Web 2.0 and it is autonomous and intelligent. Every technology however does come with its own set of risks associated with it. Broadly Information quality, data availability, data confidentiality, and data manipulation are some of the concerns. Cybersecurity is the most important issue in the world of technology. And as Web 3.0 develops more cybersecurity risks will come to light.

At present risks are:

Data confidentiality– Ethereum addresses are similar to credit cards and bank account numbers in that they contain sensitive, private information. Defi sites should treat Ethereum addresses with care, and only expose them to third parties if they have a compelling reason to do so. DeFi's "De" stands for "decentralized," and it must live up to its name by avoiding centralized APIs and analytics providers. Privacy is a very big concern in Web 3.0. As it collects a huge amount of personal data. DeFi protocols may collect wallet addresses, bank account numbers, and credit card information which is classified as sensitive and private. These details if leaked or captured by Google Analytics, will lead Google to a vast amount of information on a person to the point where it is unsafe.

Information quality– Since there are is very little usage of Web 3.0, the information available may be very skewed and hence do not reflect the actual scenario. This in turn raises the question of the quality of the information garnered.

Data manipulation– the AI is trained by the data inputted to the machine learning algorithm. In case the data providers have manipulated the data to suit themselves

Data availability– Since Web 3.0 works on data. If at a point in time there happens to be no data then Web 3.0 will stop working and cease to exist.

Prone to unrecoverable Monetary loss: Hackers may gain unauthorized access to wallets using loopholes in the smart contracts and transfer crypto coins to their wallets. Since the data of who owns the address isn't available the loss incurred is not recoverable.