Trend Micro – US – Japanese cybersecurity company said that Metaverse has security holes and may increase in the next 3-5 years.
“Illegal activities related to Metaverse are likely to thrive because it will be difficult to track and monitor.”
In the report published by Trend Micro (here), the top threat to Metaverse is mainly from regulations. These include NFT security concerns, the growth of the “darkverse” similar to the dark web, financial fraud, privacy concerns, and traditional information technology attacks.
According to Trend Micro, NFT ownership is verified using blockchains, making them vulnerable to blockchain hijacking attacks. NFTs built on smaller blockchains can be vulnerable to Sybil attacks. This is where an attacker gains control of more than 50% of the peer nodes verifying transactions and can manipulate NFT ownership verification.
Finally, there is no legal regulation regarding NFT ownership in the Metaverse space yet. Therefore, the owner will not be protected by law in case of theft.
The company also believes that Metaverse can become a “lucky bait” for criminal groups because of its huge trading volume. Scammers will mislead victims through fake recommendations, confirmations and investments. Finally, property acquisition.
Trend Micro believes that it may be difficult for law enforcement agencies during the first few years of Metaverse development. Because the cost to prevent digital crime on a large scale is quite high. They will also have difficulty establishing jurisdiction.
In the conclusion, the report calls for the development of appropriate security models to take the lead in large investment inflows into the industry. In late July, Mark Zuckerberg – CEO of Meta said that Metaverse is an opportunity that can unlock “trillions of dollars” over time.