Imagine if we could travel back in time to the late 90’s when we were transitioning from Web1 to Web2.
What if we had the opportunity educate the millions of people that were getting ready to write their personal data (e.g., name, DoB, address, social security number, phone number, etc.) and financial data (e.g., payment card numbers, bank routing and account numbers, etc.).
Little did we know the risks of doing such a thing.
We weren’t able to foresee the hacks, breaches and digital identity thefts that were ahead of us, as data became the new digital gold.
Based on 2022 data breach statistics from DataProt, you can see that things have gotten a bit out of control:
68 records are lost or stolen every second.
The average cost of a data breach is $3.92 million.
$150 is the average cost per lost or stolen record.
Small businesses are the victims of 43% of data breaches.
Unfortunately, things aren’t getting any better as we move from Web2 to Web3.
As the saying goes: “New Web, Old Problems”
The same poor user behaviors which contributed to the below stats for Web2 – with poor password management, lack of two factor authentication and compromise via phishing messages, in the lead – are being carried into an even riskier environment: Web3.
80% of data breaches are linked to passwords. (Verizon)
Even though 92% of people know that using a variation of the same password is a risk, 65% always or mostly use the same password or a variation. (LastPass)
62% of employees say they store login credentials in a notebook or journal, leaving them accessible to prying eyes. (Keeper Security)
85 percent of breaches involved the human element (Verizon)
67% of breaches can be attributed to human risk: credential threat, errors, and social attacks (Verizon)
Over 2.5M phishing sites have been identified with a 250% growth between 2018 and 2022 (Google)
With self-custody of digital assets and disintermediation (removing the middle-man e.g., a bank) being the center pieces of Web3, participants (consumers) are at an even greater risk :
Community management solutions with unverified direct messaging (e.g., Discord, Twitter, Telegram.
Cryptic nature of reading transactions in the wallet and blockchain explorers.
Bridging assets over disparate and incompatible blockchains which could lead to the possible theft or lose of those assets, if the participant does not know what they are doing.
Incomplete and confusing user experiences on web3 website.
An overwhelming amount of advertising masked with the persistent sentiment of the fear of missing out (FOMO).
Lack of standardization and interoperability between platforms.
And the list goes on….
But we view this point and time in history as a blessing. We have been given the opportunity to start anew.
With all of the lingering confusion, questions and fear/uncertainty/doubt (FUD) consumers are seeking education more than ever!
This is our time to strike.
To build meaningful education that is simplified, captivating and adaptive to truly enable the SAFE & INFORMED adoption of Web3.
This is where Web3 Texas steps in.
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