Beyond the glitz and glam of casinos, they are, at their core, businesses. And like most other kinds of businesses these days, casinos have gone digital. According to recent market research by Globe Newswire, the online casino market is predicted to reach $100 billion by 2026. The ease of access and availability through the Internet has made online casinos even more popular in recent years.
However, online casinos are prone to cyber risks and attacks like other businesses, and there are lessons business owners can take from the industry. Because of the money involved in online casinos, they rely on cybersecurity strategies as much as other businesses do. The importance of privacy protection when connecting to public networks shouldn’t be underestimated — but obviously, this isn’t enough to protect all patrons, which is why online casinos and poker sites invest a lot to boost their cybersecurity.
Today, we’re going to delve deeper into what tech and business professionals can learn about cybersecurity from the casino industry:
Data encryption to protect player information
It may seem like fun and games to those unfamiliar, but legitimate and reliable online casinos constantly focus on securing the digital data they can access. This includes players’ private information, as well as crucial payment information that third parties shouldn’t be able to access. For years, online casinos have relied on the best data encryption strategies to protect the confidentiality of data stored in their system and validate transactions. As explained in TechTarget’s page on encryption, protecting applications and processes is crucial to avoid the loss or theft of data in case of a data breach.
Relying on data encryption is not only crucial for the protection of data, but it also lets customers know they can trust you and your business with valuable information. The same goes with online casinos — if people can’t trust your business with the safety of their data, they won’t want to spend their money on your services.
Use of blockchain and cryptocurrency
As the use of blockchain becomes more widespread, consumers and businesses are learning how transactions are more secure due to the anonymity and transparency that comes with the tech, which is built on cryptography. Blockchain can be programmed so only select members with special access and permissions have access to transaction ledgers, for instance. Cryptocurrency is currently the most popular blockchain use case.
Many businesses today offer crypto as an alternative payment method for customers to boost payment flexibility and convenience. In fact, the use of cryptocurrency in online poker in the US could even lead to its legalization. As virtual currency becomes more stable, poker enthusiasts hope legislators will change their minds in favor of another poker boom comparable to the early 2000s. Of course, online casinos aren’t the only ones looking to benefit from using crypto as payments. Using blockchain and cryptocurrency for transactions also means lessening the frequency of chargebacks from bogus customers.
Regular audits to maintain integrity
Cybersecurity standards have become more commonplace among businesses and government laws worldwide, so online casinos are legally required to comply with industry cybersecurity standards. Doing so improves their integrity among competitors and gives players peace of mind. According to FedTech Magazine’s article on cybersecurity audits, they act as a checklist that validates cybersecurity policies and measures applied in different organizations. Regular audits aren’t just for compliance and formality but ensure that the existing safety measures are secure and risk-free.
Data privacy and safety are only part of a bigger machine for online casinos. Hackers in the field are as likely to hack into casino game systems — to rig them or “break” them — as they are to hack into player databases for precious info. Regular cybersecurity audits are crucial to detecting any new loopholes, glitches, or bugs in an online casino game so that these can be fixed and neither the casino nor the players get compromised.
If you enjoyed this article, you might also find our piece titled ‘Top 10 Reasons Why Your Business Needs a Strong Enterprise Firewall’ interesting.
