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Two Sides of the Same Coin – Cybersecurity and Cyber Resilience

Technology is both a blessing and a curse. While it solves existing problems and makes life easy, it also creates new problems and makes life at times difficult. This is especially true when businesses decide to experiment with new technology that hasn’t been fully tested and vetted.

When you look at the rapidly changing online gambling industry, you can see that just about every year, there is a new software and program that looks to take iGaming to a whole new level.  Gaming developers are always looking to innovate and give players an enhanced gaming experience. However, with the use of new technology, there has been an increase in cyber threats such as phishing, hacking, distributed denial-of-service (DDoS) attacks, spyware, malware and more.

Cyber attacks can result in damage to the company’s reputation, disruption of its services, loss of valuable consumer data, panic among its loyal customers, and hefty fines from regulatory bodies.  What’s worse, a cyber-attack is something that can happen any day to any company, however much they are prepared.

Sites that deal with sensitive data that is collected for KYC need to be extra careful. The online casino industry was one of the first to implement enterprise level security. While huge companies can survive the harmful impacts of a cyber-attack, which includes paying huge fines, such attacks sound the death knell for small companies. Therefore, all companies, including online gambling operators, have to invest heavily not only in cybersecurity but also in cyber resilience.

Cybersecurity and cyber resilience – two sides of one coin

Although their purpose is the same, there is a difference between cyber resilience and cybersecurity.

One can define cybersecurity as the ability of a company to avoid cyber-attacks and cybercrimes and to protect itself from the two. On the other hand, cyber resilience is the ability of a company to absorb the harm caused by a cyber-attack and to continue functioning as usual.

Putting it simply, cybersecurity minimizes the risk of getting attacked and cyber resilience minimizes the impact of an attack. It is important for businesses to recognize the difference and take the necessary steps to safeguard themselves and their customers by addressing both sides.

Why online casinos need cybersecurity and cyber resilience

When players sign up at an online gambling site, they reveal a lot of information, which includes their personal details as well as banking or credit card details. They also deposit huge amounts of money into their account and even win large prizes as they continue to play for real money.

For the above-mentioned reasons, online casinos have always attracted the attention of hackers and phishers. No online gambling site is safe from hackers, scammers, and fraudsters. Therefore, operators have to invest in implementing effective cybersecurity and cyber resilience strategies.

Fortunately for players, all licensed online gambling sites are serious about security issues. They invest a lot of money and time in security expertise and the latest security technologies to keep the online gambling environment as safe and secure as possible.

Cybersecurity and cyber resilience strategies

What exactly do companies do to protect themselves from and to minimize the harm of cyber-attacks? They invest in the latest security technologies, ensuring that their software is as up-to-date as possible; use the latest VPNs, firewalls, digital encryption measures, and anti-virus protection; employ qualified experts who continuously test their systems for bugs and fix them with the latest updates; and also organize training programs for employees to make them aware of the ways to ward off threats.

As far as cyber resilience is concerned, no two cyber resilience strategies are the same. Different companies have to develop different cyber resilience programs. However, all of them get started with self-assessment. They assess the extent of their dependence on technology and determine how exactly a cyber-attack can impact their business.

Once they understand exactly how an attack can disrupt their services, they think of measures that can be implemented to minimize the harm as much as possible. For example, a company may decide to go offline temporarily while simultaneously stay functioning at the basic level until it can fix the security breach and start working as usual.

Companies also need to develop a strong plan, which they can put into action in the case of an attack. This plan should clearly outline what a company needs to do in case there is a security breach, including ways to retrieve data that has been lost or erased from its database.

The company should put a qualified team in charge of implementing the required measures in case of a cyber-attack. Ideally, this team should have experts from various departments of the company, who can coordinate an effective response to the threat or attack.

The response team bears the responsibility of developing the most acceptable ways to explain the situation to shareholders, customers, regulators, and the media. Above all, companies should plan well in advance how to get back to normal at the earliest possible, causing the least inconvenience to its customers.

Final word

All companies that use technology to create innovative products and services must also understand the dangers associated with it. They have to invest a lot of time, energy, money, and resources in developing effective cybersecurity and cyber resilience strategies. This will help them withstand cyber-attacks, overcome them, and get back to normalcy at the earliest possible with their reputation intact.

 

Staff Writer at CPO Magazine