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The Metaverse is the next paradigm of computing and a combination of the words next and the universe. Immersive technology such as Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), and Extended Reality (XR) have been emerging at a fast pace in recent years. The Metaverse aims to solve the limited social dynamic of using the internet for communications. Since the Covid-19 pandemic, the internet has been used for education, work, and gaming in a more immersive method than ever before. However, the problem the Metaverse aims to solve is the social limitations of using technology such as Microsoft teams. In this paper, we address the opportunities of the Metaverse, such as online gaming and an enhanced 3D virtual community life, alongside the potential of cyber risk and security issues, such as data privacy and information security. We complement our paper with a risk assessment of the Metaverse, particularly focusing on risks associated with cybersecurity.