Are Bookmakers at Risk of Cyberattacks?
With sports betting increasingly being moved from brick-and-mortar buildings to the online world, bookmakers face a new challenge when it comes to protecting themselves and their clients against cybersecurity attacks. Although this is not a unique problem given that every online business is, to some extent or other, at risk of a data breach, the sports betting industry does, for obvious reasons, pose much more of a lucrative target for would-be attackers. Indeed, the sports betting market in the US alone was worth 4.33 billion dollars in 2021.
Sports betting is a victim of its own success
In essence, this comes down to the unprecedented popularity of sports betting and the sheer volume of clients from around the globe who are signed up to the biggest bookmakers in the industry. Needless to say, when signing up, players have to hand over their personal information, which is why the industry is at risk of cyberattacks. These attacks have, alarmingly, recently been described as reaching epidemic proportions in the United Kingdom, with the general population also being targeted.
Attacks come in all shapes and forms
However, it’s worth pointing out that these attacks on bookmakers do not always follow the same model as one major brand found out in 2012 when attackers threatened to bombard their users with scam emails until they were paid a ransom fee. This type of threat naturally put the industry on high alert and prompted the bookmaker to immediately warn their customers of suspicious messages they may receive thereafter.
At other times, the attacks have been more direct and aimed at simply hacking the database of a bookmaker in order to brazenly steal the personal information of players. The reality is that this is a threat that the industry faces on a day-to-day basis and this is why bookmakers are sparing no cost in the fight to keep their client’s data safe from this type of threat.
The shield bookmakers use to keep cyberattackers at arm’s length
In particular, they are turning to betting software from iGaming platform providers that give their operation the highest security standards available in the industry, including KYC, anti-money laundering, fraud prevention, and DDoS Attack protection. Naturally, this is on top of receiving the ultimate sportsbook experience for their clients.
Essentially, the risks of being blasé about this type of threat are far too great for the industry leaders to turn a blind eye to.
It goes without saying but the knock-on effect would be huge if a cyberattack against a bookmaker were successful. Indeed, the reputational damage would be almost impossible to come back from, given how many operators there are these days in the sports betting industry. In essence, players wouldn’t have a hard time finding another site to play at after losing confidence in their previous bookmaker.
As you can see, the long-term future of bookmakers is very much on the line. This is why a tireless war is being waged behind the scenes in order to make sure they aren’t the victims of a malicious online raid that could torpedo their business.
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*** This is a Security Bloggers Network syndicated blog from Security Archives - TechSpective authored by Matt Davidson. Read the original post at: https://techspective.net/2022/11/22/are-bookmakers-at-risk-of-cyberattacks/
