How can the Gambling Industry Deal with its Cybersecurity Challenges?

How can the Gambling Industry Deal with its Cybersecurity Challenges?

The gambling industry is a prime target of cybercriminals, specifically due to the large amount of money and sensitive information that is processed on a continual basis. The industry continues to grow in the United States, with legal online gambling in dire need of protection. Online operators must address cybersecurity daily and work on the industry’s many challenges.

Security teams remain busy with limited finances, trying to do their very best to ensure player protection. An interesting study was recently released that covers the online gambling industry and its cyber security issues. SecurityScorecard determined that online gambling ranks third in terms of experiencing a cyber-attack, right behind the energy and financial sectors.

What can be done to tackle cyber security challenges? Let’s dive into how lateral movement protection, zero trust segmentation, and other options can help to safeguard iGaming sites.

The Biggest Challenges

First, it’s important to understand the biggest online gambling industry challenges. Below are the prime challenges that security must overcome.

  • Financial Fraud and Money Laundering: Gambling platforms can be quite vulnerable to cyber criminals due to the large amount of money passing through the site. Financial fraud and money laundering are major issues. To stop such problems, Know Your Customer (KYC) and Anti-Money Laundering (AML) measures should be implemented. This establishes customer identity and ensures that the funds used are legitimate.
  • Data breaches/Personal Information Theft:Online casino sites handle a large amount of user data, including the personal information of its members. Data breaches are a threat due to the high volume of information. With encryption tech in place and multi-factor authentication processes, an online casino operator can thwart such attacks.
  • DDoS and System Issues:A Distributed Denial of Service (DDoS) attack is another common threat. This has happened in the past, with gambling services disrupted. Financial losses are imminent here with downtime in operations. Operators can use mitigation solutions and train employees with a response plan to tackle such attacks.
  • Employee Issues: Online gambling operators must also deal with insider threats by employees from time to time. Employee access to sensitive data can be an issue. Employee training programs should be implemented to minimize this threat.

Adding Zero Trust Segmentation and Lateral Movement Protection

Once the challenges are recognized, it’s time to implement changes to ensure protection. Below are examples of methods that will secure gaming operations from the above challenges.

  • Improved Threat Detection and Response: With zero trust segmentation and lateral movement protection, iGaming sites can detect suspicious activity faster. A response is then given within the network to deal with the threat. Faster identification neutralizes the issue before it gets out of hand.
  • Enhanced security for network and applications: Environments within the online gambling network are divided into smaller segments with zero trust segmentation. This allows for more control and visibility. With lateral movement protection, the company can restrict unauthorized access between each segment and prevent malware or unrestricted data access.
  • Adhering to Regulations:implementing zero trust segmentation and lateral movement protection ensures gambling regulators that a company is serious about player protection, anti-money laundering, and other issues. It ensures compliance and quality services.
Sophia Williams
Sophia is a senior writer, who loves to write on entertainment, business, and other web stories.