New report cautions gambling sector against cybercrime

A new forecast from Experian predicts more opportunities for cybercriminals in 2022 as the increase in the popularity of the gambling sector continues.

Published at the beginning of December 2021, the ninth edition of the Experian Data Breach Industry Forecast lays down five predictions for the year ahead. These come in the context of not only unprecedented growth and expansion but the ongoing COVID-19 pandemic.

According to the report, cybercriminals will continue to exploit remote workers, and the vulnerabilities their systems have. Additionally, their focus on the gambling sector will intensify.

Between natural disasters and the pandemic, the perfect storm has been brewing to disrupt the global supply chain in many ways, and this creates vulnerabilities. Hackers may prey on these systems, even more, to create chaos or penetrate or to make a ransomware attack. Consumers may feel the brunt from increasing scams such as offers to get items faster or major deals for goods that will tempt them to click on bogus links.”

Michael Bruemmer – Global Vice President of Data Breach Resolution at Experian

The year for gaming

Bruemmer added that “we talked about the cannabis sector as an emerging sector last year, and this year we predict it will be online gambling. Both providers of these platforms and users need to be aware there could be possible hacks and take steps to protect themselves“.

One of the most significant risks comes from the evolution of the sports betting sector. As more countries and states legalise online sports betting, more scams will emerge to try to take advantage. In particular, phishing scams will exploit the naivety of new players. Fantasy sports sites are also likely to be targeted.

The report also targets the cryptocurrency sector. As people become increasingly comfortable with cryptocurrency, they, along with non-fungible tokens (NFTs) will become the target of attacks.

So what can consumers do?

Consumers will need to stay alert of phishing scams and keep their digital wallets locked up and secure, especially as bitcoin continues to soar in value,” Bruemmer said. “The hard part is that cybercrime continues to evolve as new technologies arise, and so it will continue to do so, meaning companies need to stay alert and innovative in thinking through new solutions in response to the ever-changing landscape.

The key for members of the public is to only gamble with trusted sites. Which are trustworthy and which are not can be ascertained by looking for their licensing jurisdiction. Any adequately licenced operator will have information on company ownership, license information, and a link to their regulator displayed prominently. Additionally, consumers should be cautious when using payment methods. Look for encryption as a standard, and ideally, other forms of authorisation such as 2FA. They should also avoid handing over sensitive information via the telephone, social media, or email.

So what can operators in the gambling sector do?

There are several steps operators can take. The first is to be aware and understand the risks. The second is to do all you can to protect yourself and your customers. This includes using encryption, only working with trusted payment providers, and taking steps to secure your servers and databases. Additionally, new technologies such as AI, blockchain, tokenisation, and biometric authentication can also help you increase security.

Fast Offshore

If you have a gambling company, or want to start one and are concerned about security, Fast Offshore can help. We can help you find the right payment partners, improve your compliance, and explore various operational options. With over 24 years of experience in the gambling sector, we have a network of contacts ready to work with you. In addition, we provide company incorporation, licensing, ongoing maintenance and much more. To find out more about our services, or to discuss your options, contact us today.

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