Microsoft has warned of emerging ‘ice phishing’ threats on blockchain, DeFi networks. Microsoft says that the introduction of Web3 may also bring with it unique forms of phishing. Yesterday, the Microsoft 365 Defender Research Team said that phishing is making its way to blockchain, custodial wallets and smart contracts “reaffirming the durability of these threats as well as the need for security fundamentals to be built into related future systems and frameworks”. Or to put another way, it’s time for those who are using the blockchain to up their game.
Chris Olson, CEO, The Media Trust had this to say:
“The cybersecurity ramifications of Web3 and its associated technology stack are alarming, but often overlooked. Aside from the phishing threats picked up by Microsoft’s 365 Defender Team, we have seen crypto-stealing NFTs on the OpenSea marketplace, cybersquatters generating fake domains, and other forms of malicious activity targeting blockchain-powered services.”
“While Web3 offers significant advantages over the modern Web through its decentralized design, it is not inherently more secure. In fact, decentralization typically equates to increased complexity, which multiplies the number of potential channels for cyberattacks. As long as Web3 is used to share media (like NFTs) between users, it can and will be exploited.”
“Before it goes mainstream, early adopters of Web3 have a truly unique opportunity to prevent a repeat of the oversights which made Web 2.0 so vulnerable to data privacy violations, card swiping and other familiar risks. By prioritizing digital safety now, we can prevent disastrous consequences down the road.”
This is a unique opportunity that if leveraged, will mean that I won’t be writing about this in a bad way in a year or so.