The Global Impact of Cybersecurity Threats: Analysing Recent High-Profile Attacks

Cybercrime is no longer a threat for specific businesses, as in recent years, we are witnessing the scope of attacks hitting many organisations in different sectors. Therefore, the risk of extreme cyberattack losses is also increasing, so every sector or industry that contains vast amounts of sensitive data and transactions is uniquely exposed.

Understanding the Notion of Cyberattacks

A cyberattack is an attempt by hackers to break into a computer system, network, or device. The main goal of these attacks is often to steal sensitive information, like personal or financial data, which can harm businesses and individuals.

These attacks can affect any organisation, from governments to small businesses. Smaller businesses are targeted more frequently because they usually have fewer security measures.

As our daily lives increasingly rely on the internet, cyberattacks have the potential to disrupt many aspects of online activity. The rise in these attacks shows how important it is to stay aware of the risks and take steps to protect against them.

Key Features of Cyberattacks

In a nutshell, cyberattacks are primarily based on opportunism. Hackers will identify weaknesses in the site’s defence and capitalise on them. For example, hackers can uncover vulnerabilities in the website code and insert their own to bypass security measures. Another example is the installation of malware, which can harm the system.

The global threat of cyberattacks is proven by the vast array of industries they target. There is not just one scope of businesses impacted by cyberattacks, as hackers now target businesses considered safe from them.

There are different types of cyberattacks. First, we have to mention the ones that aim at individuals, commonly called phishing attacks. These cyber-threats seek to obtain personal data from the user by persuading them to complete specific actions.

As for businesses, ransomware attacks are arguably the favourite tool among hackers. This kind of malware is created to encrypt files, lock devices and steal valuable data. Such attacks are very effective, and no organisation is immune to them.

Finally, backdoor attacks also deserve a mention. They represent a scenario where threat actors will access the organisation’s systems and create a so-called ‘backdoor’. That will help them get easy access in the future.

Cyberattacks in Casinos – An Emerging and Worrying Trend

Online casinos are often very neglected when considering industries and companies affected by cyberattacks. Reliable data shows that cyberattacks have become one of the most severe threats to online gambling sites in recent years.

The same data shows that about 70% of online casino sites suffered from one or more kinds of cyberattacks, which just makes the iGaming industry one of the most attacked among criminals.

Some estimates say that the average cost of a cybersecurity incident for a casino can reach more than $5 million, with total losses from cybercrime in online casinos reaching about $50 billion annually.

DDoS Attacks – Simple and Effective Ways to Target Casinos

The vast majority of online casinos suffer from a Distributed Denial of Service attack, which is the simplest and cheapest way for hackers to attack a website. Sometimes, attackers act in the interest of competing and fraudulent gambling operators and demand a ransom from the website owners to restore functionality.

A DDoS attack generates network traffic that is directed to the server of the targeted online casino. As a result, the network is overloaded and cannot process legitimate traffic.

However, the very best online gambling sites in the world use advanced solutions to protect their websites, which include:

• Cloud-based protection solutions
• Mechanisms to hide or change the server’s external IP address
• Advanced control lists to allow only legitimate traffic
• Tools to quickly switch the server’s IP address if a cyberattack occurs
• Web Application Firewall with the ability to deploy CAPTCHA
• Algorithms to detect and block attacks based on certain patterns.

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Direct Theft of Casino Funds

Another type of cyberattack that can devastate the industry is linked to directly stealing casino funds. Fraud cases like this involve bonus abuse, identity theft, and document forgery.

Attackers may use fake registrations to mimic regular user activity and thus illegally claim free spins and other bonuses.

Therefore, to prevent these fraud schemes, casino software solutions can include measures to allow sites to protect their operations.

One example includes the clear and transparent bonus system that delays referral offers until the player makes their first deposit. Other tools include software solutions that detect bots and any abnormal activity, risk assessment tools, etc.

Fake Account Credentials

Moving on, a very serious type of attack on online casinos involves manipulating account credentials. This is a so-called ‘brute force’ attack, as hackers attempt to guess passwords to steal money from players’ accounts.

Hackers use large-scale data leaks to obtain email addresses and passwords. Many casino players use the same credentials across several channels and social media services, so hackers know that there is a good chance that users have the same email or password at casinos.

Using the stolen data, attackers use automated methods to find correct passwords and email combinations to access players’ accounts.

Of course, the most prominent casinos will have effective measures to protect players from such threats, such as:

• Rate limits on login attempts
• One-time password confirmation
• Account lock after several unsuccessful login attempts
• Recovery options

Account Enumeration

Finally, we have to mention Account Enumeration as a very serious threat to online casinos and registered users. It is aimed solely at registered players, and hackers also use email databases from large-scale breaches.

They will try to log in and analyse error messages. If the error says that the specific email address does not exist, they know not to waste time. However, if the message “password is incorrect” only shows up, hackers know that an account is linked to that email address.

Thankfully, the solution for this problem is quite simple – return the same error message, regardless of what users have input wrong, or use CAPTCHA for bulk requests.

You Are More Safe Than You Think

At the end of the day, it all depends on the website or casino you choose when making financial transactions and leaving personal details. All the above-mentioned defence shields and security mechanisms are common practices for reputable websites, regardless of the industry.

So, as long as you choose websites with a proven track record of providing safe transaction channels and robust security measures to protect users’ data, you have nothing to worry about.