Stakes are higher for cybersecurity in Web3: Gal Tal-Hochberg, CTO at Team8

The main concepts of security in Web3 are similar to Web2, but the stakes are higher according to Gal Tal-Hochberg, group chief technology officer of company building venture group Team8.

Digital Nation Australia spoke to Tal-Hochberg at the Australia Israel Chamber of Commerce cybersecurity event in Sydney last week.

He outlined the core security elements that translate to a Web3 environment, “While there are many things in Web3 that are different than the normal world that we're used to, at the end of the day, the core things that you need to be, to be secure, are similar. In the sense that you have to have security as part of your design, you have to patch on time, and in the right way, you have to keep control of identities in the right way.”

While these core concepts would be relatable to most heads of security, Tal-Hochberg said in a Web3 world the losses can be catastrophic.

“In the normal world if you make a mistake in security, then there's a ransomware attack, it's inconvenient, it looks bad. In Web3 you’ve lost all the money a business has. So, you have a very big problem,” he said.

According to Jaqueline Jayne, security awareness advocate at cybersecurity training and simulated phishing platform KnowBe4, Web3 will present varying levels of security challenges across a range of digital touchpoints.

“Platforms will have to make sure they are helping users make the right choices when authenticating their digital identities and using digital assets. The rapid acceleration of the metaverse and the excitement bring many people flocking to open accounts on different platforms and obtaining digital wallets. Metaverse platforms will need to find ways to educate their users about scams and best practices for using their platform,” said Jayne.

Tal-Hochberg told audiences, that the security concerns are the same in the metaverse, but faster.

According to Jayne, “Everything in the Web 3.0, metaverse, smart device infrastructure world is new and developing fast. Because of this there will constantly be changes with new features, creating new ways for hackers to socially engineer users.

“So platforms will need to be very clear about any new log-in mechanisms and ways that digital assets are managed and how digital money is exchanged on their platform. Apart from this, different platforms will have different ways they operate, this inconsistency will be a challenge for users, as something that they understood to be secure in one platform may be less secure in another platform.”