Increasing Cyber Attacks in Gambling: How to Protect Your Business

On a recent discussion panel, organised by KPMG, Caesars Entertainment’s Chief Audit Executive highlighted an increasing issue of cyber attacks on iGaming businesses. In Nicole Solaita’s opinion, such threats tend to become a norm in the segment, thus, platform managers must prepare to work harder to provide a due level of protection.

Casino Market experts have analysed the representative’s statements to deliver key insights from the webinar to operators. At our studio, you can buy gambling security software from decent providers to ensure your project is safe from various hazards.

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Essence of the Growing Issue

Since iGaming is the sphere of large money turnover, it has always required enhanced protection measures. This industry with high levels of innovation acceptance offers various tools and methods to prevent threats or quickly solve them. However, fraudsters do not stay still and regularly come up with new dangerous schemes.

For instance, MGM, a prominent US-based operator, suffered from a huge cyber attack on September 11, 2023. As a result, the corporation lost substantial funds and had to shut down some of its systems. The company declared a damage of about $100 million in adjusted property EBITDAR.

Another sensational incident happened just days later, on September 14, with Caesars itself. The organisation detected social engineering intrusions into the outsourced team of IT support. Scammers accessed client information, like driver’s licences, SSNs, etc.

Ms Solaita noted that such risks are becoming a new sad tendency for the sector. She is confident that employee education must reach new heights to effectively combat the issue. Proper instructions are a must. Workers have to be taught to pay attention even to the tiniest inconsistency since some serious cyber threats seem to be unsophisticated.

Importance of Staff Training

The spokeswoman mentioned how difficult it is to teach corporate people to identify cyber threats. The team can go through a dozen educational courses but get confused or unintentionally ignore the risk at the most crucial moment. This happens mostly because the personnel do not feel these rules instinctively and make mistakes on autopilot.

Ms Solaita is confident that more efforts should be dedicated to this field. The instructions and the tutoring system overall must be improved. The industry’s representatives have to ensure that all corporate people clearly understand the risks, as well as provide the motivation for them to always be diligent.

FanDuel’s Vice President for Product & New Market Compliance also took part in the KPMG panel and highlighted some challenges in protecting client information.

Cory Fox’s key statements voiced at the webinar:

1. His company invests a lot in digital security measures.
2. Corporate people go through regular and repeatable cyber training.
3. The organisation gets phishing e-mails monthly to ensure the team stays on its toes.

The expert also emphasised the unsophistication of recent attacks, which is one of the major risks for gambling enterprises.

Investors’ Concerns

Some stakeholders and other interested parties are increasingly worried about cybersecurity hazards. That led to the US SEC implementing new, more comprehensive standards in the field. The rules ensure studios comply with guidelines in terms of their plans for responding to digital safety incidents.

The freshly presented norms address several aspects:

• the rapidity of reactions;
• the reliability of measures;
• the efficiency of strategies.

Another important topic brought up during the webinar was new cyber risks related to generative artificial intelligence and its growing use in various online niches. Ms Solaita said that when it comes to large corporations, shaping guardrails for utilising AI and studying the corresponding cases require a large amount of effort.

The spokeswoman voiced excitement about taking advantage of this technology but also mentioned concerns on the matter. This raises questions, like who will be the owner of the data and what parties can access it. She highlighted the importance of safeguarding informational privacy and avoiding putting it at risk.

The Main Things About Cyber Attacks in Gambling

As a sphere with a large money turnover, iGaming attracts the attention of potential fraudsters. Modern businesses employ the latest technology advancements to combat the scammers. However, now is the time to double these efforts.

Key notions from the article:

• Fraudsters do not stay still and regularly come up with new dangerous schemes so operators and developers also have to work on improving their protection strategies.
• Employee education must reach new heights to effectively combat the issue, so proper instructions are a must.
• The unsophistication of recent attacks is one of the major risks for gambling enterprises as of now.
• The US SEC implemented even more comprehensive standards to ensure amusement studios comply with guidelines in terms of their plans for responding to digital safety incidents.
• Generative artificial intelligence and its growing use in various online niches should be constantly watched over as novel risks may arise here.

Luckily, up-to-date technologies and upcoming innovations offer a great level of protection for businesses and their customers. However, besides the software part, entrepreneurs also should work with their staff and corporate awareness to avoid safety-related threats.

Casino Market offers reliable security systems for strengthening gaming projects of various scales and verticals. We also can help you create an efficient business plan to ensure all the risks are taken into account and minimised.

To level up the entertainment platform and solidify your position in the gambling market with the support of an experienced partner, feel free to contact us.

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James Burton The Casino Market partner, the owner of the gambling establishments’ network

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