Leaning into Web3’s strengths while following established protocols can create a strong, holistic data security strategy.
No matter the industry, protecting user data is a top-of-mind concern for any business that collects it. Web3’s focus on decentralization both boosts its security posture and adds unique vulnerabilities, including blockchain’s inherent transparency, the need to secure private keys and potential delays in patching security issues. Further, evolving regulations can leave Web3 companies scrambling to keep up, and as in any industry, social engineering attacks and human error are never out of the picture.
Blending industry-agnostic security strategies with the inherent strengths of Web3 practices and technologies can help companies create a well-rounded defense system for user data. Below, 11 members of Cointelegraph Innovation Circle share practical, effective tips to help Web3 companies provide the security assurance their users expect and deserve.
When building a company from the ground up, some phases require a certain “fake it until you make it” ethos that’s often necessary for survival. However, securing user data is not an area to apply such logic to or to put on the back burner in lieu of extending proper resources. In any Web3 enterprise, the user base is your bread and butter, and holding their data is a trusted bond. It should not be taken lightly. – Oleksandr Lutskevych, CEX.IO
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