The metaverse is considered to be the next evolution of the Internet, with the potential to unlock a completely new digital economy. But what is the metaverse?
The metaverse is a virtual universe or virtual environment where people can interact, connect and engage in economic activities through self-assumed characters known as avatars. This virtual universe is commonly experienced through virtual reality (VR) headsets and accessories1. Individuals can also experience events such as Metaverse Fashion Week from the comfort of their homes.
The adoption of the metaverse opens up a new world of various cybersecurity risks and privacy issues. One of the core pillars of building trust in the digital sphere, is cybersecurity. The metaverse raises concerns over issues such as identity spoofing or impersonation attacks, hacking and the misuse of user data.
Identity spoofing constitutes a cybersecurity concern for the metaverse and occurs when a scammer assumes the identity of another person or business and uses said identity to commit fraud. These spoofers steal identities through password attacks and credential capture processes2. The most common forms of identity spoofing include IP spoofing wherein the source or destination of a virtual message traces back to an IP address associated with a physical location2. Many systems do not implement authentication protocols. For that reason, the masked IP address takes the place of the legitimate source without the legitimate sender or recipient’s knowledge2. Another form of spoofing is Caller ID spoofing wherein spoofers forge caller ID information, presenting false names or numbers and assuming the identity of a particular person or organisation. And of course, there is e-mail spoofing, where the sender information in the “From” section of an email can be spoofed to hide the origin of fraudulent emails. One of the consequences of spoofing is phishing, which is when the spoofer attempts to capture sensitive information from a person2.
It is prudent for companies contemplating entering into this space to have a well-thought-out legal strategy. Companies such as Nike, have filed several trade mark applications in the United States Patent and Trademark Office pertaining to the metaverse, in particular, selling virtual branded sneakers and apparel3.
Intellectual property rights (IPR) play a key role in safeguarding the ownership and use of virtual goods such as avatars, designs and music. The metaverse also allows for the extension of brand recognition for trade mark holding companies.
References:
- https://www.techtarget.com/searchsecurity/tip/Top-metaverse-cybersecurity-challenges-to-consider
- https://fraud.net/d/identity-spoofing/
- https://www.cnbc.com/2021/11/02/nike-is-quietly-preparing-for-the-metaverse-.html#:~:text=Nike%20has%20filed%20seven%20trademark,virtual%20branded%20sneakers%20and%20apparel
