Mitigating risk in the gambling industry

When it comes to cybersecurity; no business wants to take a gamble. This is; ironically; particularly true when discussing the gambling industry. With so much transactional data and payment information at play; a data breach can be devastating for organisations in the gambling and lottery sector.

With that in mind; let’s take a closer look at the risks gambling businesses face in today’s digital landscape – identifying what steps can be taken in order to mitigate these risks and safeguard the information of customers; supply chains; and workers alike.

The gambling industry; in numbers

According to the National Cyber Security Centre (NCSC); the UK gambling sector is worth more than £14 billion; employing more than 46;000 people and contributing £2.3 billion towards the UK GDP.

This reflects the constant demand for gambling services from the UK population; with 32% of UK adults gambling weekly; and an average 36.6 million active users on web-based betting sites.

It is estimated that £4.7 billion of the overall gross gambling yield comes from online platforms; presenting a clear target for cybercriminals and an opportunity to steal both money and data.

Showing your hand: the risks facing gambling businesses

The DCMS 2020 Cyber Breaches survey reported that the majority of gambling businesses in the UK (55%) have suffered a cyber incident of some kind within the past twelve months. All of those affected reported hacking or attempted hacking; with malicious users trying to take down their website; applications; or online services. Second-most common were incidences of viruses; spyware; or malware; and staff receiving fraudulent emails.

Despite the prevalence of cybercrime within the industry; many gambling leaders – understandably – struggle to prioritise effective data protection over turning a profit.

One anonymous UK gambling provider told the NCSC:

“I’d rank [cybersecurity] a 2.5 [out of 5]. I’d say superficially speaking it’s a 5; it’s always a 5 […] until you start to tell [senior management] that it means you’re going to work on minimising risks as opposed to delivery on the product.”

Gambling and cybersecurity: don’t take a chance

The truth of cybersecurity in the gambling industry is the same as it is in any sector: effective data protection should boost your business; not inhibit it.

Ransomware; phishing; and DDoS attacks are among the most common in the gambling industry; risking the theft of sensitive data; the shutdown of systems; and the manipulation of gaming outcomes.

These risks are increased by the trend within the industry of large supply chains. Research by Ipsos MORI found that between 75-100% of gambling businesses said they use a large number of third parties in order to provide their services.

However; there are a range of mitigating strategies to manage risks; including risk assessment; implementing contracts; penetration testing; tracking corrective actions; third-party self-assessments; and performance/compliance reviews.

One of the main hurdles preventing business leaders from putting data protection steps in place is a lack of time. That’s where Hicomply comes in.

Hicomply makes compliance easy

With Hicomply’s simple and effective platform; it’s never been easier to obtain; maintain; and manage all your information security certifications in one place; including ISO 27001; PCI DSS; GDPR; and more.

Our ISMS software means 90% of the work is already done for you; with a powerful suite of data security features at your disposal. Say goodbye to complex spreadsheets; long email chains; and time-consuming internal processes. Hicomply saves you both time and effort; accelerating your route to certification with a 50% reduction in implementation and timescales and an average 5x Return on Investment.

Not currently using Hicomply? Ready to find out more about what the platform can do for you? Book a demo.