Why privacy and security are the biggest hurdles facing metaverse adoption

by | Nov 10, 2022 | Technology

Hype around the metaverse is continuing to grow within the big-tech economy. According to Gartner’s projections, by 2026, 25% of the global population will log onto the metaverse for a least an hour a day — be it to shop, work, attend events or socialize. However, the array of technologies — like VR, AR, 5G, AI and blockchain — that enable the metaverse all raise issues of privacy and data security. A third of developers (33%) believe these are the biggest hurdles the metaverse has to overcome, according to a report by Agora.  

Another Gartner report says that “75% of all organizations will restructure risk and security governance for digital transformation as a result of imploding cybersecurity threats, insider activity and an increase in attack surfaces and vulnerabilities.”

Recent legislation has addressed the privacy of personal data. For instance, the GDPR gives consumers the “right to be forgotten,” requiring companies to be prepared to remove consumers’ information upon request. It also mandates that private enterprises obtain consent from people to store their data. Assisting companies with compliance is a growing business, and European regulators have moved toward stricter enforcement actions. As regulations become stiffer, organizations eyeing leadership in the metaverse must prioritize data privacy and security more than ever.

Web2 to Web3: The changing face of digital privacy

While digital privacy on websites is now fairly regimented, the metaverse is still very new and there is no legislation in place to enforce privacy there. According to Tim Bos, founder and CEO of ShareRing, “the breakout metaverses will be ones where people can have genuine experiences that they can’t currently do in the real world.” He added that “a lot of companies are trying to build something with the appeal of Fortnite or Minecraft, but where they can exist beyond just playing battle-royale games. I am yet to see anyone crack that puzzle. There’s also a growing trend in online shopping through the metaverse, but once again …

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