Now we are gradually evolving into the Web3 space, there will be adjustments, processes, and new adoptions to resume. While the Web2 space may still be in use within some networks, the Web 3 structure is gradually taking control. And with this control comes a greater level of access than Web2 offered. Ownership of data by both the provider and the user, including the power to make decisions on the outcome or future of such data.
Web 3 space is birth through decentralized systems which simply means that users can manage their data with autonomy. However, with this access and control, comes the need to protect data and even the Technology itself. This is because, with many projects being implemented within this space, data will build up faster than imagined.
For a more detailed explanation of Web3 and its versed abilities follow my previous article on All you need to know about web 3.0.
In this article, we will discuss seven 7 security strategies to implement to ensure your data and Projects in this space, despite the access remains protected. Security stands as one of the major worries people have about Web3, but here are major security strategies to implement to protect your data and Project
Improve your basic Security Habits
Be sure to use strong passwords while signing into any platform. A strong password contains
At least one upper case letter (ABFY etc)
At least one lowercase letter (abfy etc)
At least one numeric (1,2,3, etc)
At least one special character (@, ! , : etc)
Also, remember to activate 2 Factor Authentification (2FA) where necessary, as an additional layer of security prompt.
Research before you Invest
The acronym “FOMO: Fear of Missing Out” is popular in the cryptocurrency space. This implies acting on a situation with the hope that it has good prospects and averting the thought of not being a part of the great win. This idea propels the desire to maybe invest in a “coin” proposed to have a good contract or even partake in an “airdrop” with the hopes that it will be listed and verified on exchange platforms. While many ventures into this and benefit, others are scammed or duped because they joined without understanding the contract or even the process.
Now Web 3 is still building and innovations have been revealed on all levels, remember to research any project pitched to you before you invest in it. Resist the urge to speed into a project, idea, or platform without understanding every little detail and structure. As you will most times be expected to provide personal information.
Implement Access Control
This is a fundamental component in Cybersecurity used to dictate who can or should use or see a particular information or system. It places restrictions on sensitive resources or information and only grants access based on the approved settings or most times through prompts or code logic. The major elements here are Identification, Authentication, and Authorization, all of which are essential in the Web3 space.
Authentication will help you to verify the identity of the user mostly through passwords, biometrics, etc. while Authorization determines if the user has relevant access to a particular information or section within the system, which is implemented through the role(using designated role within the organization or system) or rules ( clear defined clauses). These security measures if properly implemented will greatly strengthen your security.
Frequent Security Audits
Every system needs a regular audit as it helps reveal vulnerabilities capable of exploitation. These audits are best conducted by experts in the security field as their abreast information on threats and other cyber attack crimes, makes it easy for them to identify insecure back doors or vulnerable code structure within your project that is prone to exploitation.
The frequency of this audit can be on a quarterly or yearly basis but should be conducted immediately after an update or relevant change is implemented within the system. They analyze your system for likely vulnerabilities and proffer ways to resolve them and prevent attacks.
Use Decentralized Storage
This is a relevant solution in the decentralized system that allows users to store data securely without depending on central servers. Some popular ones are
Inter Planetary File system (IPFS), a peer-to-peer protocol;
Storj uses blockchain technology and end-to-end encryption to secure data.
Filecoin whose main focus is on providing affordable and secure solutions.
All these storage solutions store and distribute data securely making it resistant to security threats and data breaches, unlike conventional centralized storage solutions.
Use Secure Development Life Cycle (SDLC)
This is a very essential step to take while your project is still been created. It is essential to remain security conscious throughout the project development, and the best way to do this is through SDLC.
The Secure Development Life Cycle are series of activities or processes implemented within a project development to ensure that every stage is been adequately secured. Code reviews and Pen Testing are major aspects of this process and should be conducted at every end stage in a milestone. You must seek the help of a security expert at this stage because their experience and vast knowledge will guide their approach better.
It is also possible to carefully include relevant security updates in this cycle to ensure your project remains secure.
Use Cryptography Measures
Cryptography is a popular concept in cybersecurity which implies the use of algorithms or mathematical concepts to secure information from unintended access both at rest and in transit.
As it regards Web 3, the two major elements of cryptography to be implemented are the
Encryption: This simply means converting plain information into hidden forms that can only be revealed using a key.
Digital Signatures: These serve as a form of digital fingerprint for authentication purposes.
Conclusion
Web 3 offers more access, power, and Autonomy with its benefits very profitable. And with the level of access, security begs attention.
While this list is not exhaustive, these major strategies, if implemented will further strengthen the security around your projects and Data ensuring that threats do not gain access unnoticed. It is therefore important you begin training, talent search, etc because of your projects to ensure you not only have the idea but the resource to complete and keep it active.