RESTON, Go., February 16, 2022 /PRNewswire/ — Over the past few years, there has been a rapid emergence of companies, projects and initiatives in what is broadly categorized as Web3. While monitoring this rapid innovation, the OODA research team noticed a disproportionately high number of cybersecurity incidents that could negatively impact the Web3 innovation ecosystem, disrupt the adoption of these technologies by customers and result in financial losses for consumers and businesses.
OODA has compiled a Web3 incident database based on our research to categorize compromises and document the root causes of cyberattacks. Root cause tracking provides insights into how innovators can create robust cyber risk management approaches and reduce the potential for follow-on attacks.
“We believe that Web3 technologies represent the future of innovation and will greatly disrupt existing business, technical and cybersecurity models. However, with these great opportunities come cyber risks that must be managed appropriately to realize all the promise of these approaches”, noted the CEO of OODA Matt Devost. “By releasing this Web3 incident database, we hope to shed light on these risk patterns and provide useful constructs for managing cyber risk in the future.”
The Web3 incident database currently documents 155 incidents that have resulted in more than $61 billion in lost value (in today’s dollars), with the root causes of the costliest incidents being primarily insiders, breaches of contract, intrusions, and social engineering.
Data analysis indicates that the number of incidents attributed to a root cause is not correlated to the value lost in an incident. The largest number of incidents are intrusions by unauthorized adversaries, with 36% of incidents falling into this category. But this only represents 14% of the total loss. Only 9% of incidents were attributed to insiders, but this represents 52% of the total value lost.
The Web3 incident database is available on the OODA Loop site at the following URL:
Content is kept dynamically up-to-date, and is also fully searchable and sortable by date, type of incident, past and current monetary value of the incident, and cryptocurrency affected.
About OODA LLC
OODA helps clients identify, manage and respond to global risks and uncertainties while exploring emerging opportunities and developing robust and adaptive strategies for the future. It is a global strategic consulting firm with deep DNA in global security, technology and intelligence issues.
OODA’s services include technology and cybersecurity advisory, mergers and acquisitions advisory, and due diligence, and the company also operates a global research team and network of experts at OODAloop.com. For more information about OODA, please visit www.ooda.com.
SOURCE OODA LLC