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- 1 The upsurge in hacks and frauds in the online gambling industry enhanced the need for high-level safety measures.
- 2 Trained staff, Multi-Factor Authentication, and Encryption protocols help in safeguarding the industry.
With the expansion of online casinos, the vulnerability of the gambling industry is in the spotlight. Hackers are developing more advanced and effective attacks or malicious systems to risk casino operators’ and players’ assets. According to ZeroFox, a Maryland-based cybersecurity company, over 230 companies were victims of attacks in 2023. With the upsurge in cyberattacks in casinos, it is now essential for individuals to protect themselves and businesses from such threats.
How Are Threats Affecting Online Casinos?
In the year 2022, over 54% of online gambling businesses were affected by at least some kind of data breach and hack.
Account fraud and phishing occurred as some of the most expected malicious actions in the online gambling sector. In an Account takeover fraud (ATF), someone tries to gain access to the Casino account of any player to steal personal data or assets. The stolen facts can be further used for different purposes including pesky advertisement campaigns.
Extracting money or assets from the account or infecting devices with malicious software are a few of the activities carried out by the hackers.
Another common phenomenon is phishing in which hackers try to establish contact with the account holders via email, SMS, or any other communication channel. The purpose is to hack your personal details and information to access the account. All these actions allow hackers to drive assets and money out of the original holder’s account.
However, there are several ways to safeguard online casinos and the larger gambling industry from such frauds.
How To Stay Protected?
Technology is a bliss and a curse for everyone, the online gambling industry has ways to safeguard their businesses and customers’ data from hackers and is on the lookout for new ways to ensure 100% protection. Advancements in technology has made it easy for online casino platforms to protect their data.
These are two important factors about the online gambling industry to keep in mind: offering trustworthy products to gamblers as well as adopting legal jurisdictions to meet a certain degree of regulatory compliance.
Furthermore, there are a range of activities that help the online gambling sector in boosting security. Having a trained staff that works under all the necessary measures against account fraud and phishing attacks ensures account safety. Additionally, trained and skilled staff also showcase the strong and reliable casino security system and boost the interest of gamblers towards the particular platform.
Another activity that helps online casinos enhance the level of security is Multi-Factor Authentication (MFA). In MFA, any unauthorized entity is required to provide information or code which is sent via email. However, getting access to the account becomes challenging for hackers due to the multiple walls of protection.
Additionally, data backup and State-of-the-art Encryption Protocols also help in safeguarding the accounts from unethical activities. Casinos try to store the player’s data and information under strong security with a sound backup system. Furthermore, the Encryption protocol sets an adequate state security protocol, making it difficult for hackers to access personal data.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
