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Metaverse Exploitation To Surge in 2023: Kaspersky

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VOC, Voice of Crypto, Metaverse

Key Insights

  • Kaspersky’s report says Metaverse will be the next target for cybercriminals.
  • The report issues a warning to the players of the virtual world.
  • It says the monetization feature and virtual in-game currencies are some ways the Metaverse may be exploited.

 

The Kaspersky report of 2023 revealed that Metaverse might be the next target for cybercriminals. Interestingly, the report says these criminals will move from using Bitcoin as ransomware to preying on unsuspecting virtual reality participants. 

You would recall that the cybersecurity firm reported the move by cyber crooks to ditch BTC for ransomware. The report says ransomware payments will reduce in 2023. The cybersecurity firm released another report on the virtual world one week after this report. 

The report titled “Consumer cyber threats: predictions for 2023” contains predictions— and what industry players should expect in the virtual reality ecosystem by 2023.

Kaspersky Prediction For the Metaverse

Kaspersky released this prediction as part of its “Consumer cyber threats: predictions for 2023” report. This security bulletin, therefore, issues warnings about exploiting the Metaverse— attributing the imminent exploitation to the Metaverse’s lack of data protection and moderation rules. 

Furthermore, the cybersecurity firm identified that by next year, the number of Metaverse platforms would increase— while the market is estimated to increase to about $50 billion. Kaspersky acknowledged that a few of those platforms currently exist. They added that by 2023 when they increase, they will be the target of cybercriminals.

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Kaspersky said, “ As the metaverse experience is universal and does not obey regional data protection laws, such as GDPR, — this might create complex conflicts between the requirements of the regulations regarding data breach notification.” 

Furthermore, the report revealed that social media remains the hotbed of data breach activity. So since most Metaverse platforms are replicas of social media, the Metaverse will be an extension. In 2021, a report showed that social media was responsible for over $1 billion in crypto-related scams. 

The Kaspersky report says virtual abuse and sexual assault will be prevalent in the Metaverse ecosystem. Citing the case of “avatar rape and abuse,” the report says if there are no protection mechanisms or moderation rules, the trend will spread across the Metaverse. It added that “this scary trend will likely follow us into 2023. 

How Can Cybercriminals Exploit the Metaverse?

Following the release of the Kaspersky Consumers Protection Report, experts have identified the ways these criminals will likely exploit the Metaverse.

Experts say the lack of user protection and privacy on most Metaverse platforms is one such lacuna. For instance, Meta became a subject of backlash over its Metaverse plans due to a lack of data protection and privacy.

Furthermore, in-game virtual currencies and valuable items will be the point of exploitation for cybercriminals. The Kaspersky report revealed that these cybercriminals would seek to hijack player accounts.

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Similarly, these cybercrooks trick players into fraudulent deals to fork over valuable virtual assets.  Since most virtual games have introduced monetization features and digital currency support, malicious actors will likely target these features. 

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