Blockworks contends that cybersecurity continues to be a substantial obstacle as the cryptocurrency market prepares for its subsequent cycle.
Andy Beal, the founder of Forta, underscored the increasing significance of security during periods of market expansion. He observed that the potential rewards for assailants increase as the market expands, rendering cybersecurity a critical concern.
In anticipation of the anticipated influx of retail investors and new participants during a bull market, Beal emphasized the elevated risk of end-user attacks. Malicious actors may find these immigrants to be simple targets due to their lack of awareness of security hazards. According to Beal, there has been talk of basic ideas from traditional cybersecurity beginning to seep into the crypto cybersecurity scene.
Beal stated that the adoption of proven Web2 security methods in the Web3 space is not surprising, as the underlying internet infrastructure remains unchanged. Established security concepts remain applicable regardless of the inclusion of a financial layer in Web 3. Web3 is currently incorporating firewalls, which have undergone significant changes over the past three decades, to capitalize on the years of innovation, learning, and design.
This development is another potential application of AI in the crypto sector, as it adapts conventional cybersecurity measures to address the distinctive challenges of the Web3 environment.
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