Page 71 - Cyber Defense eMagazine January 2024

What to expect in the metaverse

The metaverse is often described as revolutionary. Some experts, however, refer to it as an evolution
rather than a revolution, citing that the metaverse is still an emerging technology. There is a long list of
promises about what the metaverse can become, but the vast majority of those promises have yet to be
realized.

As long as the metaverse remains an emerging technology, identifying effective business models will be
challenging. It remains to be seen whether strategies that succeed in e-commerce will be applicable in
the metaverse, as achieving profitability with emerging technologies can take years — if not decades.

Businesses should also expect that metaverse success will require the development of new skills. Brands
that want to establish a metaverse presence will need to navigate the world of virtual design, blockchain,
AI, and spatial computing. In addition, the social component of the metaverse will require businesses to
be ready to excel at community management and other human-centered skills.

Even in its emergent state, the metaverse has already been labeled a high risk for fraud and cybersecurity
attacks. Metaverse scams could target digital identities — stealing avatars or online profiles to use for
malicious purposes — and intellectual property such as music or 3D models developed by businesses.
Cyberattacks could target user data or metaverse assets such as cryptocurrency or non-fungible tokens.
Ransomware attacks that seek to gain control of metaverse operations are another threat.

How to engage in the metaverse

Building the type of strong digital culture needed for metaverse exploration starts with becoming a digital-
first business. IT can no longer be strictly a department within a business, but instead must be at the core
of the business, driving the worldview of the workplace.

Businesses must also prioritize innovation to effectively explore the metaverse. Users expect an
immersive experience, which means businesses will need to develop innovative approaches to
engagement and interaction. Businesses will also need to develop innovative approaches to connecting
the metaverse to other business channels to drive mainstream consumer adoption.

Curiosity is key to innovating, so businesses should explore the metaverse with a desire to learn, an open
mind, and a willingness to listen to those they encounter there. Resilience is also key to innovating, and
the metaverse’s digital landscape is the perfect laboratory for experimenting, failing fast, learning from
mistakes, and trying again.

Prioritizing data-driven decision-making is another key to building a strong digital culture. The metaverse
will provide businesses with data-rich consumer interactions, but until strong patterns of behavior emerge,
businesses will need to engage in an ongoing process of data analysis and experimentation to identify
insights that can drive effective decision-making.

Cyber Defense eMagazine – January 2024 Edition 71
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