Although we tend to focus on things like new mobile apps and game releases when we cover news about the online gaming and gambling industry, there are other, arguably more important, technological developments we shouldn’t overlook. The growth of the best NJ online casino wouldn’t have been possible without advancements in this often overlooked area!
What I am referring to here are developments with online security and cybersecurity, which are essential to the smooth running of the online gambling industry.
In many respects, the need for more and more advanced cybersecurity infrastructure has grown directly in response to the meteoric rise of the online gambling industry itself. Over the last decade or so, online gambling has grown from a relatively minor use of the internet to being home to some of the most popular websites on the world wide web.
According to recent industry reports, by 2024, the total value of the global online gambling industry is set to hit over USD$155bn – and that is a relatively conservative estimate!
With big business, however, comes significant business risks. And particularly where sensitive financial information is at stake, there is an undeniable attraction for unsavory characters to find ways of accessing this information for their criminal gains.
Thankfully, however, online gambling platforms have been using the massive increases in their revenue to build up their security infrastructure.
There is an obvious business case for this as if your platform has a reputation for not being particularly safe, even reports of a few isolated events of identity theft or fraud could be enough to sink a platform in terms of popularity. With that said, online gambling websites are acutely aware of the need to invest in cybersecurity. That comes in addition to the obligations these businesses have in respect of data protection.
But what are the main risks users face when gambling online, particularly as this relates to the use of online platforms?
- Credential stealing, particularly where fraudsters will use your login details for one platform to access others.
- Malware on devices.
- 3rd party apps and games on app stores with inadequate security in place.
- Phishing campaigns.
But what can the major web platforms do to counteract these threats?
Firstly, gambling platforms need to invest in the security infrastructure of their platforms. Importantly, it needs to be done from the ground up, with cybersecurity considerations not merelybeing an afterthought.
Secondly, gambling websites need to engage in customer outreach to encourage good security practices and habits. That might involve, for example, encouraging users to regularly change their passwords or building in a requirement that they do so, or conducting security awareness campaigns.
Thirdly, gambling platforms can also build in security features such as two-factor authentication into the platform, which significantly increases the overall security of login procedures. What we see in all of these is the need to take a holistic approach to customer security.