Why cybersecurity and governance are vital in the metaverse

I stepped off the side of the mountain and floated over the deep canyon, shaken for a second by the same vertigo I felt the first time I took a helicopter ride. I had entered a metaverse space, and it was filled with magic: places to go, things to do and learn, and people to interact with. I could experience travel and entertainment as if I were there, moving through space and time–all of this made possible by my virtual reality headset and the app I was using with it. I got to choose the look I wanted in this strange new space that occupied no physical place, and I’m sure I spent more time than packing for a long business trip.

Metaverse might at first seem like a concept plucked from the annals of science fiction, but the technology is real and businesses are already starting to take their first virtual steps into the metaverse. Yesterday’s fantasy is rapidly becoming today’s virtual reality.

The numbers support this, too. The metaverse has been valued as a $800 billion dollar market opportunity by Bloomberg and, although others might not agree with the exact estimate, companies such as JP Morgan and PWC are planning to service clients using the technology following investments in virtual real-estate.

Enterprises are already enabling extended reality applications so that customers can browse through their virtual “physical” spaces and learn more about their services or retail offerings. Healthcare providers can see 3D images of the human body to facilitate diagnoses and treatments. First responders can conduct exercises in simulated environments to be prepared to manage real-time triage and containment challenges. The list of potential use cases is nearly infinite, as is the opportunity ahead.

Big opportunities usually come with proportionate risks, and metaverse opportunities are no different: The UK government has already highlighted the importance of cybersecurity and governance on the platform in this year’s Online Safety Bill. So, while it is inspiring to see so much interest in the possibilities of the metaverse, businesses also need to consider how they can guarantee safety and privacy in their virtual ventures.

Regulation and governance

In an abstract economy, where metaverse experiences create opportunities for people to function across various channels on the Internet, a system of regulation and governance with recognised intermediaries is essential to ensure supervision and build confidence.

Information derived from your digital assets and interactions–whether technical or sociological–must be governed, and users must be protected from malicious or manipulative use of their data. One method of doing this is through data access and usage transparency. This is theoretically possible by using immutable records to capture data access and utilisation which, when decentralised (as in blockchain) could provide democratised access to monitor and govern the behaviour of those wanting to use the data.  Additionally, the concept of ownership and monetisation in a metaverse space can be democratised through capabilities such as non-fungible tokens used in a blockchain.

Security concerns

The proliferation of data generated by the metaverse amplifies the risks associated with data breaches and cybersecurity attacks. And because you’re transacting in a virtual environment, there are potentially greater risks of identity theft and impersonation. Legitimate concerns including counterfeit non-fungible tokens and fake avatars, which could reveal sensitive information and enable unwanted access to cryptocurrency wallets and blockchain scams from phoney financial organisations.

Data-related threats are very similar to those that exist today, such as data tampering, spoofing, false data injection, and so on. Ensuring privacy is even more important in a metaverse because user behaviour can be captured at a more granular level than in the physical world. In addition to the types of malware attacks we see in Web 2.0, there are more chances of “Sybill attacks”‒ where one identity (hacker) can pretend to be many identities at the same time.

In light of all these issues, it is important to develop a ‘security and privacy by design’ mindset as the number of interactions and the related proliferation of data need to be appropriately secured. Also, the algorithms that are powering metaverse experiences are constantly learning, which creates a further complexity that will need to be monitored and protected. The task of protecting organisational assets, data, and people is massive and will need to be shared by those working on technologies supporting metaverse experiences and the users, as well as the government bodies that provide regulation on the data flow between them.

Educating employees

While a metaverse is about our experience with the Internet of the future, Web 3.0 is about how the future of the Internet will be built. Companies building with Web 3.0 need to ensure that their employees have the skills and tools to identify threats–internal and external–and take appropriate action to reduce security risks. In the past, countless companies have lost consumer trust due to the lack of security and secure practices in Web 2.0 applications. All employees need to be educated and equipped with the right information to help ensure personal and business safety and prevent data proliferation and leaks. Organisations need to implement an educational approach at the very start of their journey into building with Web 3.0 and creating interaction paradigms in a metaverse.

As metaverse rapidly emerges, so do its ethical implications

Why metaverse experiences matter

The world is beset by a range of seemingly intractable problems such as climate change, economic inequalities and the on-going threat posed by the pandemic. Metaverse experiences create an environment that can help companies, governments, and social enterprises address these headline topics through immersion and enhanced collaboration. However, a widespread need exists for education and consultancy, especially as innovation continues to outpace regulation. Partnering with organisations that have the tools, experience and expertise can ease your journey to safely and confidently create metaverse interactions that solve pressing business, social, and environmental problems.

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