Ten best practices for web3 security prevention you need to follow in the year 2023

Web3 is rapidly growing, but it is a contentious technological movement. When assessing Web3's potential, tech builders and businesses must take a proactive approach to security. From traditional issues such as social engineering, insider exploits, and faulty implementations to an emerging class of Web3-native exploits across decentralized applications, exchanges, and wallets, blockchains, and cryptocurrencies have been the subject of growing security concerns.

Blockchain-related attacks are frequently more damaging than traditional applications. These events are frequently irreversible and dependent on smart contracts, which, when used, cascade across the network rather than a single node.

Thinking about the best practices for Web3 security prevention? here are the ten best practices for risk mitigation that can help security leaders mitigate the risk of Web3 Security.

1. Incorporate Security-By-Design Principles

Traditional security design principles are just as important for Web3 systems as they are for any other. Security-conscious criteria must be incorporated into the designs, products, and infrastructures of builders. Developers should, for example, work to reduce attack surface areas, secure defaults and zero-trust frameworks, and ensure separate and minimal privileges. The principles that guide their designs must take precedence over technologies.

2. Incorporate Web3 Projects into Security Governance

Before and during the development process, organisations should model, analyse, and mitigate risks. Blockchain developers and security professionals must anticipate questions such as impacted areas of code, vulnerabilities to be reported, how users elevate and support the risk, and how user permissions are managed.

3. Be Aware of The Trust Dynamics and Web3 Market

Web3's wild west includes more than just technology; it also includes legal, cultural, and economic dynamics that designers must consider. Certain identity configurations or integrations, for example, may conflict with existing compliance regimes such as Know Your Customer or GDPR.

4. Embrace Different Blockchain Designs for Applying Security More Strategically

Although security-by-design principles should be prioritized, businesses should also consider the type of blockchain they intend to use. Blockchain networks that are open to the public, such as Ethereum and Solana, allow anyone to join. Depending on the application, users can also enjoy varying degrees of anonymity.

5. Focus on Applying attack prevention techniques

Evaluating the risks of information quality or data manipulation should be linked to decisions about what goes on-chain versus off-chain, as well as what information is required to validate transactions or mint ownership.

Address common threats, such as phishing, across the architecture and UX workflows of the technology.

6. Have contracts and code independently audited and analyzed

Regardless of how quickly Web3 is evolving, developers should evaluate and test their projects before and after releasing new code and commits. Failure to do so can result in breaches and massive losses as insiders overlook common exploits, insider attack vectors, user privacy safeguards, and other errors. Organizations should also conduct routine audits, especially since startup developers may lack the security governance of a larger corporation.

The good news is that a new class of Web3-native security resources, such as DeepReason, which has developed a technology for audit-level checks at each stage of development, is emerging.

7. Collaborate with The Industry on Intelligence and Security Resources

Collaboration with peers in the industry helps cyber-risk management programmes better understand and mitigate emerging threats. Some Web3 channels are similar to traditional resources, such as open-source platforms such as GitHub or OODA Loop's recently released Cryptocurrency Incident Database. Following the discovery of a high number of cybersecurity incidents among Web3 projects, OODA Loop created the database to assist security researchers and engineers in identifying common cyber-attack categories and root causes.

8. Be Aware of Impersonation Attempts

Impersonation attempts are common and can be challenging to detect. However, you should be aware of them because if not detected in time, they can have serious consequences. If you suspect that someone has impersonated you on the Internet, please notify [email protected] immediately. This will assist us in investigating what occurred and preventing further abuse as we work with our partners and security teams around the world to resolve these issues. If we can restore access to your account but not remove any personal information such as passwords.

9. Keep an Eye on Your Account Balance

Monitoring your account balance is one of the simplest ways to reduce security risk. While this may appear to be a simple task, keep in mind that if you notice any unusual activity on social media or elsewhere, report it to the bank immediately and let them know what happened so they can assist in tracking down whoever did it.

10. Use Reputable Sources for Downloads and Installs

To reduce web3 security risks, the first step is to avoid downloading and installing apps from unknown sources. This includes sites with bad reputations that may not be reputable. A good rule of thumb is: if you're not sure about the reputation of a site, don't download or install anything from it.