Cyber Defense eMagazine July Edition for 2022

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The web2 hangover Despite NFTs being seen as one of the most definitive products of the web3 ecosystem, the fact that an attacker was able to successfully use a phishing attack shows how projects are still vulnerable to hacks typically associated with web2. The continued success of such phishing attacks is frustrating for anyone working towards securing the web3 ecosystem, as part of the promise of the decentralized nature of web3 is that it can consign such attacks to the past. However, so long as there remains centralization in web3, there remains the chance for hackers to exploit the single-point of failure that it offers. A recent State of Defi report shows that ‘centralization issues were the most common attack vector, with over $1.3 billion lost across 44 DeFi Hacks’. In the case of phishing attacks such as the BAYC hack, this point of centralization came in the form of a community manager’s account, which gave the hacker the illusion of authenticity and lent their malicious link credibility it would not otherwise have had. What to do? While it is likely that there will always be some aspects of centralization in web3, there are still ways of implementing practices of decentralization into a project’s structure to boost security. For example, BAYC could have better protected itself by requiring multi-sig verification to access privileged accounts and also any time a post or change is made. This effectively distributes the authority across multiple nodes, meaning that the hacker would have had to compromise multiple accounts before gaining privileged access to the BAYC’s discord. How to manage accounts with privileged access remains a problem for many web3 projects, and it continues to lead to major losses when an attacker strikes. Ongoing security audits are one of the best measures teams can take to ensure their project has the best defenses, as it will highlight any areas where a hacker can leverage centralization to conduct an attack as the project grows. Yet the risk of centralization is only half of the story here. There is also a need to cultivate a better community understanding of the risks involved in web3, and the best ways to spot bad actors attempting to trick you into giving away your assets. Whilst all projects have a responsibility to their communities to keep their social media platforms secure, NFT holders should also be highly suspicious of anyone claiming to offer free assets, as these can often be disguised phishing attacks. In the case of BAYC’s June 4th attack, the malicious site had a few small differences from the real one. Firstly, unlike the authentic site, the phishing site did not provide links to BAYC’s social media sites. There was also an added tab titled “claim free land” that specifically targeted popular NFT projects. Cyber Defense eMagazine – July 2022 Edition 36 Copyright © 2022, Cyber Defense Magazine. All rights reserved worldwide.
While subtle, these differences should alert any user to potential malicious activity. At the very least, users engaging with such giveaways should always make an effort to confirm the legitimacy of the site by comparing it with a known and confirmed site and looking for any discrepancies. Looking Ahead The persistence of phishing attacks alongside more sophisticated web3 attacks highlights the multiple frontiers on which the web3 ecosystem must defend itself. Web3 has the potential to be the most secure iteration of the internet to date. But to get there, web3 projects have to take an ongoing, end-to-end approach to their security. This means making use of tools such as routine smart contract audits, blockchain analytics, and implementing practices of decentralization. As the BAYC hack shows, failure to do so spells disaster not only for the projects, but for their communities as well. About the Author Professor Gu is the Tang Family Assistant Professor of Computer Science at Columbia University and Co-Founder of CertiK. He holds a Ph.D. in Computer Science from Yale University and a Bachelor’s degree from Tsinghua University. He is the primary designer and developer of CertiKOS and SeKVM. Gu has received: an SOSP Best Paper Award, a CACM Research Highlight, and a Yale Distinguished Dissertation Award. You can find more information about CertiK here: https://www.certik.com/ Cyber Defense eMagazine – July 2022 Edition 37 Copyright © 2022, Cyber Defense Magazine. All rights reserved worldwide.
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Page 3 and 4: Global Shipping Industry Faces Wave
Page 5 and 6: The Rise of Crypto Regulations ----
Page 7 and 8: @CYBERDEFENSEMAG CYBER DEFENSE eMAG
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Page 31 and 32: that, a fourth party is any provide
Page 33 and 34: DFS - including top banks, insurers
Page 35: Apes Gone Phishing BAYC Attack Lead
Page 39 and 40: There’s an obvious irony that the
Page 41 and 42: Cyber EO One Year Later: Feds Weigh
Page 43 and 44: addition, cloud-native endpoint det
Page 45 and 46: Cyber Risk Management: The Right Ap
Page 47 and 48: About the Author Michael Maggio is
Page 49 and 50: The Rise of Data Traps In describin
Page 51 and 52: About the Author Andrea Little Limb
Page 53 and 54: well-being of a business. Let’s t
Page 55 and 56: Crisis Point How the skills shortag
Page 57 and 58: Recruitment and retention A far mor
Page 59 and 60: forces, which saw computers locked
Page 61 and 62: EVERYONE is Part of the Security Te
Page 63 and 64: The second question helps reduce ri
Page 65 and 66: About the Author Jim Nitterauer is
Page 67 and 68: The Catalysts for Change Even when
Page 69 and 70: What is the Future of Cyber Securit
Page 71 and 72: In the global marketplace, not all
Page 73 and 74: 5. Lawfulness, Fairness, and Transp
Page 75 and 76: According to a recent industry surv
Page 77 and 78: About the Author Rahul is the Globa
Page 79 and 80: number does seem to have reduced, b
Page 81 and 82: one at a time may seem insignifican
Page 83 and 84: Achieving the proper balance betwee
Page 85 and 86: How To Increase User and Executive
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The most important thing is to focu
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Access-as-a-service (aka initial ac
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About the author Danna Bethlehem, d
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A Customized, Personalized Perspect
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Conclusion Gartner defines Integrat
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import table hijacking, control flo
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Levelling The Battlefield with Cybe
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e on the losing end. It is therefor
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The exploit seems to be out in the
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Mitigate Risk by Securing Third Par
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injection. Browser based applicatio
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Malware threats were detected in EM
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U.S. seeks to safeguard the supply
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Poor Identity Management Amplifies
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only as good as the trust in identi
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Endpoint Security These businesses
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Q&A With Mickey Bresman, CEO Of Ide
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and performs a comprehensive set of
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Raising the Alarm on DDoS Attacks B
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Finding weak spots in your cybersec
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Russia’s Invasion of Ukraine Lays
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Since organizations have predominan
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Scared Of Your Own Shadow IT? Addre
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SMPs that are designed to automatic
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Here are some security best practic
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VIP3R: Dissecting A New Venomous Sp
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After analyzing more than half a mi
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Basic overview of M2M/HMC/IIoT Comm
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frequencies, modulation schemes, an
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Figure 2: Flow chart of interferenc
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The 6 Biggest Financial Sector Cybe
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Social Engineering Social engineeri
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The Artificial Intelligence Tug-of-
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The Balance of Power: One Disturban
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About the Author Guy is the Founder
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SOCs lack solutions that allow them
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The Future of Attack Surface Manage
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By most standards, ASM is still imm
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The Growing Importance of VPNs By I
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The Chance to Reduce Costs Addition
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the country as he asserts “We’r
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Left/Centre: Bachu App to report en
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Ukraine experienced just such SS7 l
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The Importance of Responsible E-Was
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Around a third of businesses experi
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The Numbers Are In: Identity-Based
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Using Current Data to Project Futur
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What’s the current state of play?
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The Role of Compliance in Cybersecu
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egulations use the best industry pr
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With more than 27 billion endpoint
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The SEC Just Released Its 2022 Prio
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As well as the above attendees have
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Black Hat 2022 Website: BlackHat Da
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About Salt Communications Salt Comm
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an accurate record of your tech sta
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Top 3 Future Technologies to Look O
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Cybersecurity is at the tipping poi
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Reviewing legacy AD infrastructures
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About the Author Tammy Mindel, Semp
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Take the Deus Finance exploit as an
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Why Cybersecurity Is Critical for E
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Over the past two years, there has
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Risks Involving Video Conferencing
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Why Automation Isn’t Replacing Cy
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You Can’t Prevent Every Attack, B
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While it is difficult to manage lar
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If you wish to dive deeper into the
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unpatched with no support, setting
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Selecting the Right Zero Trust Vend
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Zero-Trust Needs to be a Priority -
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Additional protections, also built
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CyberDefense.TV now has 200 hotseat
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Books by our Publisher: https://www
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Cyber Defense eMagazine July Edition for 2022

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