NFTs: OpenSea Data Breach Highlights NFT Security Vulnerabilities, Report Reveals

Following the news that non-fungible token (NFT) marketplace OpenSea had suffered a data breach, Kaleb Ells, Analyst on the Thematic Team at GlobalData, a data and analytics company, noted:

“This mass data breach highlights that OpenSea is not yet providing the security fundamentals that are essential for attracting more users. Alongside the February phishing attack on OpenSea, this latest breach calls the NFT marketplace’s safety into question.”

Ells added:

“Although no NFTs were stolen, scammers could now use the exposed email addresses to trick OpenSea users into making transactions, comparable with hoax requests for bank transfers. Cybersecurity must be a key area of focus for NFT marketplaces over the next few years to gain consumer trust, which is vital for mainstream adoption.”

Ells also mentioned:

“Although ransomware represents the biggest threat to organizations today, insider threats still pose a challenge as the job market shifts in the wake of the pandemic. With many employees changing jobs, and companies trying to keep them by offering flexible working and vacation options, there is an increased risk of insider threat.”

According to VMware, the number of employees leaving their jobs (but potentially still having access to the corporate network or proprietary data) has “created a headache for IT and security teams.”

Insider threats are “a growing challenge for companies as they try to balance attrition, onboarding, and the use of non-sanctioned apps and platforms.” In 2022, organizations are likely “to establish new protocols and guidelines to try and protect their networks and sensitive data.”

The update further noted:

“Although NFTs have caused widespread media excitement, and the market has undergone huge expansion in recent years, NFT platforms currently face little regulation. These platforms must demonstrate that they offer secure and confidential trading opportunities to gain the users they need to grow.”

As mentioned in the update, 4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, “make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform.”

GlobalData’s mission is “to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.”

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