Joining forces to strengthen security in the Web3 space

economictimes.indiatimes.com:

digital landscape advances, the world continues to witness rapid growth of the Web3 ecosystem across the regions. However, it is common to see emerging challenges and risks in fast-growing areas. For instance, the boom of Web2 came with its own set of security concerns such as phishing attacks and data breach concerns. The nascent Web3 industry is no exception. Just as the ecosystem is evolving, Web3 cyber crimes are also getting more advanced, with criminals becoming more sophisticated with their attacks. As such, it is important that a country has a secure and stable Web3 infrastructure that can support continued growth while eliminating cybercrime and financial crime risks. The public sector, and the regulators and law enforcement agencies in particular, play a crucial role in building regulatory frameworks and setting the foundation for Web3 security in the country. Private sectors, which include cryptocurrency exchanges or data analytics companies, can supplement the knowledge and expertise to leverage blockchain technology for investigation. Therefore, through strengthened collaborations across public and private sectors, the Web3 industry can effectively develop more comprehensive security strategies to bridge existing gaps in the system while reducing its susceptibility to cyberattacks and cybercrimes. Greater integrative efforts between Web3 organisations and law enforcement agencies

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