Facebook Google Plus Twitter LinkedIn YouTube RSS Menu Search Resource - BlogResource - WebinarResource - ReportResource - Eventicons_066 icons_067icons_068icons_069icons_070

Tenable Study Reveals Australia Leads Global Race To Invest In The Metaverse Despite Security Concerns

December 12, 2022 · Sydney, Australia

  • 64% of Australian businesses planning to invest in the metaverse within 12 months versus 56% in the United States and 55% in the United Kingdom
  • Cybersecurity the top factor affecting organisations’ commitment to operate in the metaverse, even ahead of macroeconomic concerns

A new study published today by Tenable®, the Exposure Management company, has found that 64% of Australian businesses are planning to invest in the metaverse in the next six to 12 months, while 56% of U.S. businesses and 55% of U.K. businesses are expected to do so in the same time frame.

However, as with most things in business, opportunities are not without risk or consequences. Almost half of the respondents (44%) said managing cybersecurity risk, while 38% said managing privacy and the collection of information, were the biggest threats to their organisations when considering investing in the metaverse. 

The study, “Measure Twice, Cut Once: Meta-curious Organisations Relay Security Concerns Even as They Plunge Into Virtual Worlds,” surveyed 1,500 IT, cybersecurity and DevOps professionals in Australia, the U.K. and U.S. The study examines how organisations are approaching the opportunities and challenges associated with building, securing and participating in the metaverse, as well as offering insights into the risks and rewards of investing in this new technology.

While still in its relative infancy, organisations are already moving decisively into this space, which McKinsey & Company predicts will grow to $5 trillion by 2030. With a truly immersive experience in the metaverse requiring the collection, processing and disclosure of personal data, the study determined that 86% of organisations said they were very and somewhat comfortable collecting and sharing personal identification information (PII) with third-party services in the metaverse. However, when asked about the biggest barriers to entry for their own organisation, 35% cited the prospect of security breaches and identity theft.

Apart from the obvious traditional threats we see in the real world such as phishing, ransomware and compromised machine identities, ‘unknown unknowns’ is a real concern for businesses operating in the virtual realm. The study shows 83% of Australian respondents think that malicious cyber activity that’s possible in immersive virtual settings, such as ‘man in the room’ attacks, is very likely (37%) or somewhat likely (46%) to occur in the metaverse. The threat posed by deep fakes lurking in the metaverse is also at the forefront of many organisations’ minds. The survey revealed 81% of Australian respondents think it is very likely (39%) or somewhat likely (42%) that the cloning of voice, facial features and hijacking video recordings using avatars might occur in the metaverse.

“As with any new business opportunity, first movers have the advantage and the risk,” said Robert Huber, chief security officer and head of research, Tenable. “The foundation of the cybersecurity program must be solid before making a big leap into largely unknown territory and drastically expanding your attack surface. Forward- thinking organisations that take the time and make wise investments in their security personnel and the security and integrity of their infrastructure are more likely to be successful in the metaverse or any other technology investment.”

Another major factor that is causing trepidation in many organisations’ future plans for the metaverse is an economic one. With the Reserve Bank of Australia’s recent interest rate hike amid inflation fears, 35% of respondents stated that their organisations will wait to see how the macroeconomic conditions unfold before committing resources to an unknown venture.

While it's clear that security experts are concerned about the metaverse and how it will be navigated, this hasn't discouraged Australian businesses from taking the first steps into the virtual universe. Encouragingly, the survey indicates there is recognition that a proactive strategy to train, educate and encourage talent will be necessary to enable organisations to operate safely inside the metaverse.

More than half (53%) of Australian respondents say their organisation will need to invest in training their current employees about safe cybersecurity practices to support their investment in the metaverse. These organisations also acknowledge that hiring talent in specialised areas such as IT (52%), cybersecurity for the metaverse (49%) and software developers (47%) will be crucial. 

To read the full study, visit: https://www.tenable.com/cyber-exposure/managing-risk-in-the-metaverse 

Additional resources are available on the Tenable blog: https://www.tenable.com/blog/what-happens-when-the-metaverse-enters-your-attack-surface

Note to Editors:

  • Opinion Matters conducted an online survey on behalf of Tenable of 1,500 professionals representing roles in cybersecurity, DevOps and IT engineering. The study was fielded in Australia (500 respondents), the U.K. (500 respondents) and the U.S. (500 respondents) in October and November 2022.

About Tenable

Tenable® is the Exposure Management company. Approximately 40,000 organizations around the globe rely on Tenable to understand and reduce cyber risk. As the creator of Nessus®, Tenable extended its expertise in vulnerabilities to deliver the world’s first platform to see and secure any digital asset on any computing platform. Tenable customers include approximately 60 percent of the Fortune 500, approximately 40 percent of the Global 2000, and large government agencies. Learn more at tenable.com.

Media Contact:

Tenable
[email protected]

Stay up to date!

Subscribe to our email alerts for new press releases.

Subscribe for press release updates

Tenable Vulnerability Management

Enjoy full access to a modern, cloud-based vulnerability management platform that enables you to see and track all of your assets with unmatched accuracy.

Your Tenable Vulnerability Management trial also includes Tenable Lumin and Tenable Web App Scanning.

Tenable Vulnerability Management

Enjoy full access to a modern, cloud-based vulnerability management platform that enables you to see and track all of your assets with unmatched accuracy. Purchase your annual subscription today.

100 assets

Choose Your Subscription Option:

Buy Now

Tenable Vulnerability Management

Enjoy full access to a modern, cloud-based vulnerability management platform that enables you to see and track all of your assets with unmatched accuracy.

Your Tenable Vulnerability Management trial also includes Tenable Lumin and Tenable Web App Scanning.

Tenable Vulnerability Management

Enjoy full access to a modern, cloud-based vulnerability management platform that enables you to see and track all of your assets with unmatched accuracy. Purchase your annual subscription today.

100 assets

Choose Your Subscription Option:

Buy Now

Tenable Vulnerability Management

Enjoy full access to a modern, cloud-based vulnerability management platform that enables you to see and track all of your assets with unmatched accuracy.

Your Tenable Vulnerability Management trial also includes Tenable Lumin and Tenable Web App Scanning.

Tenable Vulnerability Management

Enjoy full access to a modern, cloud-based vulnerability management platform that enables you to see and track all of your assets with unmatched accuracy. Purchase your annual subscription today.

100 assets

Choose Your Subscription Option:

Buy Now

Try Tenable Web App Scanning

Enjoy full access to our latest web application scanning offering designed for modern applications as part of the Tenable One Exposure Management platform. Safely scan your entire online portfolio for vulnerabilities with a high degree of accuracy without heavy manual effort or disruption to critical web applications. Sign up now.

Your Tenable Web App Scanning trial also includes Tenable Vulnerability Management and Tenable Lumin.

Buy Tenable Web App Scanning

Enjoy full access to a modern, cloud-based vulnerability management platform that enables you to see and track all of your assets with unmatched accuracy. Purchase your annual subscription today.

5 FQDNs

$3,578

Buy Now

Try Tenable Lumin

Visualize and explore your exposure management, track risk reduction over time and benchmark against your peers with Tenable Lumin.

Your Tenable Lumin trial also includes Tenable Vulnerability Management and Tenable Web App Scanning.

Buy Tenable Lumin

Contact a Sales Representative to see how Tenable Lumin can help you gain insight across your entire organization and manage cyber risk.

Try Tenable Nessus Professional Free

FREE FOR 7 DAYS

Tenable Nessus is the most comprehensive vulnerability scanner on the market today.

NEW - Tenable Nessus Expert
Now Available

Nessus Expert adds even more features, including external attack surface scanning, and the ability to add domains and scan cloud infrastructure. Click here to Try Nessus Expert.

Fill out the form below to continue with a Nessus Pro Trial.

Buy Tenable Nessus Professional

Tenable Nessus is the most comprehensive vulnerability scanner on the market today. Tenable Nessus Professional will help automate the vulnerability scanning process, save time in your compliance cycles and allow you to engage your IT team.

Buy a multi-year license and save. Add Advanced Support for access to phone, community and chat support 24 hours a day, 365 days a year.

Select Your License

Buy a multi-year license and save.

Add Support and Training

Try Tenable Nessus Expert Free

FREE FOR 7 DAYS

Built for the modern attack surface, Nessus Expert enables you to see more and protect your organization from vulnerabilities from IT to the cloud.

Already have Tenable Nessus Professional?
Upgrade to Nessus Expert free for 7 days.

Buy Tenable Nessus Expert

Built for the modern attack surface, Nessus Expert enables you to see more and protect your organization from vulnerabilities from IT to the cloud.

Select Your License

Buy a multi-year license and save more.

Add Support and Training