Entrepreneurs must learn to tackle business risks in the Metaverse
Hyped as it is, the Metaverse remains largely undefined. It’s a challenge to answer the question “What is the Metaverse?” in part because its definition depends on whom you ask. As it stands today, the “Metaverse” includes virtual reality and what we might previously have called “cyberspace” — including digital assets like non-fungible tokens (NFTs), cryptocurrencies and more.
In the rush to become the first to innovate in metaverse technology, companies are deprioritizing risk management. But risk management is as critical in the Metaverse as in our physical world — all risk is linked and must be managed in a connected way. If new entrants to the Metaverse are meant to protect against the overwhelming scale and cost of cyber risks, they must learn to identify these risks, continuously monitor for threats, and make informed decisions for a strong future based on information gained from past threats and attacks.
Gaurav Kapoor is the co-CEO and co-founder of MetricStream Solutions & Services, where he is responsible for strategy, marketing, solutions, and customer engagement. He also served as MetricStream’s CFO until 2010. He previously held executive positions at OpenGrowth and ArcadiaOne, and spent several years in business, marketing and operations roles at Citibank in Asia and in the U.S.