According to a new Ernst & Young study, cybersecurity will be a major challenge. Many gaming executives have already hired or plan to hire people with advanced cybersecurity skills.
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According to Ernst & Young, 97% of executives believe that the gaming industry is key to the development and growth of the metaverse. 48% of respondents said that the metaverse will transform gaming companies’ business models, drive revenue, and give brands new opportunities to connect with customers.
95% of executives stated that they believe non-gaming businesses will gain from watching how gaming companies engage with the metaverse, and then applying this knowledge to their own industries.
Scott Porter, EY Americas West Region media and entertainment consulting services leader, stated that the metaverse could have significant implications for gaming companies’ business models, how they develop their products, their employee skills, and even their company structure. These possibilities are being considered by gaming executives.
Porter reports that these executives plan to increase R&D funding over the next three years and invest in new technologies, as well as hire new skills. These structural changes will likely have a positive impact on the quality and scope for what gamers can access in the metaverse over the next few years,” Porter said.
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EY US found that only 15% of executives believe M&A will be the best way to position themselves for growth over the next three-years, contrary to recent surges in technology sector mergers and acquisitions. The report found that half of respondents preferred increased funding for research, development, and 44% suggested investing in new technologies with an emphasis on organic growth.
Personalized, immersive experiences are essential
Gaming companies will have to protect the user data of gamers as they add more information to the metaverse in order for them to create unique experiences.
EY reports that gamers will not spend long to see exciting places in the metaverse if their safety or personal data is at risk. Gamers will instead return to platforms and products that they trust, and this is a sign of how important cybersecurity is to personalized gaming experiences and brand loyalty.
Porter stated that the potential for cybercrimes will increase due to the increased use of metaverse user data and the trading and buying of metaverse assets.
“Cybercrime can look like many things: Cyber criminals could be looking for personal information such as credit card numbers, stealing digital goods, selling fake tokens, carrying out distributed-denial-of-service (DDoS) attacks on gaming platforms or even selling virtual goods. These goods are advertised to improve a player’s performance, but they’re actually Trojan horses for ransomware. Porter stated.
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Porter stated that gaming executives are very aware of their obligations to protect data and ensure safe platforms and games.
According to the survey data, 47% believe that cyber risk mitigation is a major challenge for gaming executives today. This number rises to 58% when you look at the next three years.
Porter stated that “we’ll see more gaming businesses mitigate security concerns by hiring advanced cybersecurity and data analysis skills, gaining visibility to gaming endpoints, and partnering with 3rd-party cybersecurity firms.”
Already 47% of executives plan to or have already hired cybersecurity-skilled employees. 39% are currently partnering with third-party cybersecurity companies.
Gaming companies can help to shape the industry’s future by implementing cybersecurity and personal safety measures now.
Gaming executives aren’t sure how to incorporate NFTs
NFTs can be digital assets players have in their virtual worlds. They could also include digital assets. According to EY US, gaming executives believe NFTs improve customer satisfaction, increase margins, and make products and services more visible.
90% of executives stated that their companies do not currently have a business model that can capture NFTs’ value. According to the report, success in gaming will not only focus on developing NFT technology that gamers want, but also on making it mutually beneficial for both players and companies.
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Needed: Data management and cybersecurity skills
Gaming companies are faced with an increase in user data as they try to find metaverse opportunities. Gaming companies must attract people with cybersecurity and data analytics backgrounds to protect their personal information.
Nearly half (47%) of gaming executives stated that they believe they can manage cyber risk by employing cybersecurity-skilled employees. 32% of gaming executives said that it is difficult to make use of data they have collected.
Companies will need to improve their data management skills. 47% of respondents said that hiring data analysts as an employee is their top priority. According to the EY report, it is crucial for gaming companies that they hire people who are able to understand the implications of distributed and decentralized ecosystems.
