The post Salus Publishes 2023 Web3 Security Landscape Report appeared on BitcoinEthereumNews.com.

Compared to 2022, overall financial losses from hacking in the web3 industry decreased to $1.7 billion in 2023. True. The web3 industry is getting better at cybersecurity and prevention of cyber attacks. However, hacking is still lucrative for cybercriminal gangs such as Lazarus — threat actors who rely on advanced attacks. Namely, the majority of combined losses (estimated 70%) can be attributed to high-profile cyberattacks. Think Multichain, Mixin Network, or Poloniex. Salus, the cybersecurity company specializing in cybersecurity in the web3 industry and traditional security, compiled their 2023 Web3 Security Landscape Report. The document highlights the top 10 attacks, overall losses due to crypto hacking, common vulnerabilities that have caused high-profile incidents in the industry, and the steps companies can take to decrease the chances of hacking. Here are the highlights and key findings that companies within the web3 space can learn and apply to their security in 2024. Key Web3 Vulnerabilities Observed in 2023 According to the Salus report, the weaknesses that are responsible for most of the hacks are: Access control issues — the cause of 39.18% of cyber attacks Flash loan attacks — accounting for 16% of cybercrime Exit Scams — responsible for 12% of yearly losses Oracle problems — triggered 6% of all exploits Phishing — social engineering behind 4% of all incidents Reentrancy — accountable for 4% of cybercrime Other — covering the remaining 17% of overall hacks The most common types of cyber attacks and weaknesses involve both highly technical and sophisticated threats as well as those that rely on human bias and errors. How can we prevent them in 2024? Let’s break down the most common hacking threats and the best preventive measures to avoid them in the year that follows. Access Control Issues Most hacks (an estimated 39,18%) were possible because of…

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Filed under: News - @ January 3, 2024 2:08 am