The Importance of Cybersecurity in the Online Gambling Industry

Cybersecurity

It’s no secret that the global online gambling market has grown exponentially over the past several years. Experts predict that it will be worth a mind-boggling $92 billion by 2023. That’s a lot of money and information floating around cyberspace. However, that wouldn’t be the case if people didn’t trust the security measures that online gambling sites have in place. The best cybersecurity companies are in a perpetual battle to stay ahead of possible threats.

It’s important to understand that online casinos are made up of several components. In addition to the games themselves, operators maintain databases that contain a wealth of private and financial information. They have payment systems, apps, and other parts like registration forms that hackers can target. Every one of these mechanisms must be safeguarded.

 

Threats

Malicious hackers are a constant threat to online businesses as they look for the smallest of loopholes and vulnerabilities to take advantage of. One of the latest trends in cybercrime is the DDoS attack. These, like ransomware attacks, can be particularly devastating to an online gambling site. In addition to inflicting enormous financial harm on an operator and its customers, such an attack can do irreparable damage to an entire brand. It’s easy to understand how customers who have had their accounts pillaged and their personal and financial detail compromised would no longer have faith in that online casino. In fact, their confidence in the online gambling industry as a whole may be shaken too.

Another major concern for online casinos is the integrity of the games they offer. Players want to be certain that the games they play are fair. If those games are susceptible to exploitation and manipulation, the operator stands to suffer heavy losses in terms of money, reputation, and player trust. Every conceivable vulnerability at an online casino needs to be taken care of before it is exposed. The Metap online casino guide focuses a lot of attention on a site’s safety and security. They put a lot of stock in seeing certifications from entities like eCOGRA, TST, and iTech Labs. This type of documentation proves that the games are fair and can’t be tampered with by the operator or the players.

 

How the Online Gambling Industry Combats Threats

Online gambling sites must keep several steps ahead of the security breaches. This is a monumental challenge as new technology is constantly shifting the landscape. The online gambling industry has to be proactive and use all of the tools at its disposal to avoid such things as:

  • DDoS and Ransomware Attacks
  • Scraping
  • SQL Injection
  • Account Takeovers
  • Identity Theft and Fraud
  • Money Laundering

These days, SSL encryption is an industry-standard. This technology scrambles communications between the user and the site. Even if a ne’er-do-well was to somehow intercept this information, all they will get is a string of incomprehensible and unusable letters, digits, symbols, and other gobbledygook. Still, even this security technology is doomed to become obsolete someday. The key is finding a more effective technology and implementing it before the old one becomes ineffective.

Most gambling jurisdictions make sure that the online gambling sites they issue licenses use the most modern security technology. A site that gets hackedis sure to face a lot of scrutiny and can even have its license revoked. With the amount of money invested in such a profitable venture, it’s in an operator’s best interests to maintain the highest levels of security.

 

Security is Everybody’s Responsibility

Online casinos have a huge responsibility, but there is also an onus on those who play at them. They need to protect their personal details and other information such as passwords, account numbers, and credit card information. They must understand that even though they are dealing with a highly secure operator, their information can be easily compromised if they aren’t using a secure internet signal. Open Wi-Fi networks such as those found in coffee shops and other businesses give cybercriminals plenty of opportunities.

It all comes down to the industry, regulators, operators, and the end-user doing their due diligence because every stakeholder stands to lose a lot. They all need to do everything they can to prevent security breaches. Moreover, they need to know how to react if one occurs. Even though online casinos and other internet businesses may implement the tightest security, they aren’t completely immune to cybercriminals. And they probably never will be.

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Analytics Insight




Analytics Insight is an influential platform dedicated to insights, trends, and opinions from the world of data-driven technologies. It monitors developments, recognition, and achievements made by Artificial Intelligence, Big Data and Analytics companies across the globe.

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