Web3

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Web3, also referred to as Web 3.0, is the next evolution of the internet. The new phase is predicted by some to be:

• Open – Content platforms will be built on open-source software.
• Trustless – Network protection will extend to the edge and everyone will use Zero Trust.
• Distributed – Devices, users, and services will be able to interact without authorization from a central authority (similar to cryptocurrencies).

CyberHoot has its reservations on the veracity of these predictions. Please continue reading with a grain of salt firming in mind.

In the next phase of the internet, blockchain technology will enable people to interact directly with each other without the need for an intermediary. Users will interact by joining a Decentralized Autonomous Organization (DAO), a collective entity owned and operated by its community members.

A user’s data will be backed by a system of universally accessible smart contracts. These contracts will be coded into a blockchain which will be managed by a decentralized collection of nodes.

Other predictions from IT professionals about Web3 include the following:

• Data transfers will be decentralized and all transactions will be recorded over a blockchain-enabled distributed ledger.
• Universally accessible smart contracts will free people from relying on a central authority (such as a bank) to ensure data integrity.
• The metaverse will become a big revenue source for the entertainment industry.
• Blockchain technology will enable users to create digital items/Non-Fungible Tokens (NFTs) on the fly to protect Personally Identifiable Information (PII) and intellectual property.
• Users will be able to monetize their data.

What does this mean for an SMB or MSP?

As of right now (2022), Web3 hasn’t officially launched or arrived. Until it does, there isn’t much that is needed to be done to prepare for it. If Web3.0 does launch, there may be some adjustments to various sectors of your business that are needed; but you need not worry as CyberHoot will keep you up to date on what you need to know. For now, it’s best to take action to protect yourself and your business in the reality of here and now. Do so by following these recommendations to ensure your company is becoming more aware and more secure.  

CyberHoot’s Minimum Essential Cybersecurity Recommendations

The following recommendations will help you and your business stay secure with the various threats you may face on a day-to-day basis. All of the suggestions listed below can be gained by hiring CyberHoot’s vCISO Program development services.

1. Govern employees with policies and procedures. You need a password policy, an acceptable use policy, an information handling policy, and a written information security program (WISP) at a minimum.
2. Train employees on how to spot and avoid phishing attacks. Adopt a Learning Management system like CyberHoot to teach employees the skills they need to be more confident, productive, and secure.
3. Test employees with Phishing attacks to practice. CyberHoot’s Phish testing allows businesses to test employees with believable phishing attacks and put those that fail into remedial phish training.
4. Deploy critical cybersecurity technology including two-factor authentication on all critical accounts. Enable email SPAM filtering, validate backups, and deploy DNS protection, antivirus, and anti-malware on all your endpoints.
5. In the modern Work-from-Home era, make sure you’re managing personal devices connecting to your network by validating their security (patching, antivirus, DNS protections) or prohibiting their use entirely.
6. If you haven’t had a risk assessment by a 3rd party in the last 2 years, you should have one now. Establishing a risk management framework in your organization is critical to addressing your most egregious risks with your finite time and money.
7. Buy Cyber-Insurance to protect you in a catastrophic failure situation. Cyber-Insurance is no different than Car, Fire, Flood, or Life insurance. It’s there when you need it most.

Each of these recommendations, except cyber-insurance, is built into CyberHoot’s product and virtual Chief Information Security Officer services. With CyberHoot you can govern, train, assess, and test your employees. Visit CyberHoot.com and sign up for our services today. At the very least continue to learn by enrolling in our monthly Cybersecurity newsletters to stay on top of current cybersecurity updates.

To learn more about Web3, watch this short 3-minute video:

Sources: 

Ethereum

Techopedia

Investopedia

Additional Reading:

Why NFTs are the Future

Related Terms:

Blockchain

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