Why is Cybersecurity So Important in the Online Gambling Industry?

In recent years, the global online gambling industry has expanded rapidly. Experts estimate that it’ll be worth $92 billion by 2023. It is an enormous amount of money and information floating around the Internet. People wouldn’t play an online casino if they weren’t confident in the security measures of online gambling sites.

Casinos have been a target of criminals for as long as they’ve existed. Through chip switching scams and card counting teams, they’ve been cheated of their money. Since online gambling has become such a big hub, criminals have moved to cyberspace. So today, hackers are the ones we need to be concerned about. As with any financial institution or bank, the online gambling industry cannot ignore cybersecurity.

It’s a constant struggle for the best cybersecurity firms to stay ahead of the latest threats. Casino websites consist of a variety of components. Operators that provide the games like roulette, poker, blackjack online also store detailed financial and personal information about their customers. A hacker can exploit these payment systems, applications, and other components of the sites, including registration forms. Indeed, this industry is vulnerable.

What threats and risks do online casinos face?

Cyberattacks

There’s always a threat of malicious hackers targeting online businesses as they look for any loophole or vulnerability to exploit. In cybercrime, DDoS attacks are among the latest trends. Online gambling sites are particularly vulnerable to these attacks, as well as ransomware attacks.

A cyber attack of this type can do irreparable damage to a brand, in addition to causing tremendous financial harm to an operator and its customers.

After having their accounts and personal details stolen, it’s not hard to understand why customers would lose trust in that online casino. They may even lose faith in online gambling as a whole.

Damage to game integrity

Game integrity is necessary for the online gambling industry. Online casinos are only as good as their games, and if hackers can undermine the integrity of games, the wider public will lose trust in online platforms.

Players need to know they are engaged in a fair game. If hackers manage to find exploits in-game software, then the results can be devastating for both players and casinos.

The casinos are not only exposed to heavy losses during this time, but it also calls into question the integrity of the games customers trust to bet on.

Fraudulent practices

It’s even possible for players to pose a threat. For failing to follow anti-money laundering standards, casinos have been fined and shut down. Players who make large deposits should be required to verify the source of funds. Another threat is using stolen credit cards to deposit money. In such a case, not only does the casino lose the money, but its reputation is also damaged.

What steps are online gambling sites taking?

The online casino industry bears a great deal of responsibility, but the players also have some responsibility. Players’ information they provide to others, such as passwords, account numbers, and credit card numbers, needs to be protected.

Despite their dealings with highly secure operators, they should know that their information can be compromised easily if they aren’t using a secure internet connection. Cybercriminals have plenty of opportunities to commit identity theft and other crimes via open Wi-Fi networks in coffee shops and other business places.

Every stakeholder stands to lose a lot if the industry, regulators, operators, and end-users don’t do their due diligence. It’s in everyone’s best interest to prevent a breach of security.

The industry now routinely uses SSL encryption. This technology scrambles users’ connections with the web. Even if someone intercepted this data, they would only get a string of useless and nonsensical letters, numbers, symbols, and other random data.

In most gambling jurisdictions, online gambling sites for which licenses are granted use the latest security measures. That’s because the compromise of a website means it’ll be heavily scrutinized, and its license may even be canceled.