Digital Fortress, Part 1: How to safeguard digital assets in Web3
For the majority of users back in the day, cybersecurity meant protecting important files and folders because nothing of monetary value was stored on our computers. As long as a security solution could protect unwitting users from clicking on malicious websites or downloading harmful software, it was considered sufficient and reliable.
Fast forward a decade, and the very meaning of “digital” has changed drastically with the introduction of crypto assets — coins and tokens that hold real-world value but only exist in the digital world. Thanks to decentralized platforms that utilize blockchain technology, users can own and control their digital assets ranging from cryptocurrencies like Bitcoin (BTC) to nonfungible tokens (NFTs) worth millions of dollars. This, in turn, has made the internet something akin to a safe deposit box, where assets with monetary value are created, stored and exchanged.
Widely known as Web3, this decentralized take on the internet brought a number of new threats to cybersecurity. Users now need to protect their digital assets — arguably more attractive than graduation photos and other files with sentimental value — from getting stolen. Since the responsibility of safeguarding personal digital assets rests solely on the shoulders of the Web3 user, it’s more important than ever to understand online threats and utilize best practices to fend them off.
The Web3 ecosystem’s malicious actors combine dated yet effective methods like phishing, with newly-formed methods that target Web3-native attack surfaces, such as self-custody crypto wallet attacks. Phishing attacks alone increased by around 40% in 2022, showing the growing need for cybersecurity solutions tailored for the Web3 space.
How phishing attacks
