Whilst the pandemic has caused untold stress for many around the planet, some businesses and industries have thrived from people experiencing a more sedentary lifestyle. The boom in online shopping and particularly online gaming has been phenomenal. However, with that growth has also brought another concerning issue of its own.
With more people inputting their data across the web, and companies relying on modern technologies, it has given hackers more scope to aim their sights at unsuspecting victims.
Earlier this year it was estimated by Homeland Security Secretary, Alejandro Mayorkas, that $350 million was handed out to just some of the hackers who engage in ransomware schemes. With Colonial Pipeline CEO, Joseph Blount, admitting that they paid out $11 million following an attack which saw their Eastern Seaboard gasoline supply shut down. This was all down to not having a multifactor authentication login system. It shows how easy it can be. It’s exactly why modern, digitally based businesses, should be very mindful of the impact that having a lax attitude to security can have.
Growth of online gaming
With the online gaming industry being valued at almost $174 billion in 2020, it’s easy to see why this is one area where criminals are looking to get a foot in the door. The industry is an ever-evolving animal, with some journalists suggesting that online video gaming is the new social media. This extra social interaction, could be said to lower inhibition and present more opportunities for exploitation. It is not only about losing money, if data is exploited then accounts can easily be ‘taken over’. Account takeovers are not uncommon. This results in players losing access to games and potentially more, due to unintentionally giving away their account details.
This is something, which if not taken seriously, will also affect the online casino industry. Although CNBC have reported this is an area which is already being targeted by cyber criminals more than ever before.
With the potential prizes on offer, and the subsequent amounts held and deposited by players, the criminals are waiting to pounce. At the time of writing, the slot games on Gala Bingo, for example, are openly advertising jackpots of $96,000 and $22,000. So, at any point players could have those large amounts and more in their account. Then if you consider hacking attempts on the gaming industry have already risen by 261% during the second quarter of 2021. That’s in comparison to the same time last year. So, almost in parallel with the growth of the industry, the hackers are looking to exploit players new and old.
What are companies doing to stop these attacks?
In the online casino industry, some companies have moved to using cryptocurrency as a means of tightening security. The blockchain technology affords its owners added safety, by design it’s almost impervious to the risk of data substitution and corruption. Utilizing blocks of transactions stored in chronological order, it becomes near impossible for this chain to be interrupted. One change would break the chain, therefore rendering the 'currency' valueless.
Adding another layer of added security is, two-factor authentication. This is something which is certainly becoming more prevalent in both video and casino gaming. This is where users will need two forms of ID to login to their accounts. Typically this will include not only your password to your account, but then a code would be sent via a cellphone application like Google Authenticator or Authy, an email or sometimes via text message to a cellphone. This code needs to be inputted within a certain time period to access your account. Now, unless you’ve lost your cellphone too, it makes it much harder for people to access the account.
Lastly, it is important to encrypt sensitive data at rest. If other protections fail and hackers are able to steal the data, they won’t be able to use it to threaten its release and extort payments from you. In this case encryption is your friend! We don’t hear much about data breaches where encrypted data is stolen for good reason. If hackers don’t have the encryption key, they can’t use the data against you.
Companies are certainly doing what they can to help stave off the threat of cybercrime to themselves and their customers. However, there's still a long way to go. But as you can see with the amount of growth in the industry, it's clear why gaming sites should continue to prioritize data and digital security.
If you need any help or information, we have all the resources to assist you and your business here at Townsend Security.