THE MENACE OF RANSOMWARE: Protecting Sports Betting and iGaming Platforms

Ransomware and phishing attacks pose significant threats to sports betting and iGaming platforms, leading to operational disruptions, customer dissatisfaction, financial losses, reputational damage, compliance breaches, and unauthorized access to sensitive customer data.

This article explores the ongoing trends in ransomware attacks, the methods employed by attackers, strategies for detection, and the importance of compliance and collaboration in mitigating these risks.

What We Know

Ransomware attacks are constantly evolving, and it is crucial to understand the current trends.

Some notable trends include:

• Double Extortion. In addition to encrypting victims' data, they exfiltrate sensitive information before encrypting it, threatening to leak or sell the data if the ransom is not paid.

• Ransomware-as-a-Service (RaaS). Enabling less technically skilled individuals to launch ransomware attacks with RaaS platforms by providing the necessary tools and infrastructure.

• Specific Industry Targeting. iGaming is a particularly targeted industry due to its high use of technology, mobile apps and sheer volume of payment based transactions.

• Targeting of Remote Workers. Attackers have shifted their focus to exploit weak or insecure remote desktop protocols or virtual private networks.

• Use of advanced techniques. This includes the use of polymorphic malware, fileless attacks, and leveraging zero-day vulnerabilities to gain initial access.

How They Attack

Attackers employ various methods to infiltrate systems and deploy malicious software.

Some common examples include:

• Phishing Emails. Deceptive emails that appear legitimate and contain malicious attachments or links to infected sites.

• Malicious Downloads. Creation of fake or compromised websites that host malware-infected files.

• Remote Desktop Protocol (RDP). Targeting systems with exposed RDP ports, scanning for vulnerable systems, attempting to brute-force login credentials, or exploiting known vulnerabilities to gain unauthorized access.

• Software Vulnerabilities. Exploiting possible vulnerabilities in software applications

• Malvertising. Distribution of malicious code through malicious advertisements.

• Remote Access Trojans (RATs). Malware that provides attackers with unauthorized remote access to compromised systems.

Strategies for Detecting Ransomware Attacks

Tools and best practices an iGaming enterprise could employ to detect ransomware attacks might include:

• Network monitoring software which detects unusual network traffic patterns and anomalies.

• Intrusion Detection and Prevention Systems (IDPS) to detect and prevent unauthorized access attempts, malicious code execution, and suspicious network activity.

• User Behavior Analytics (UBA) software which can substantiate baseline user behavior patterns and determine deviations.

• Security Information and Event Management (SIEM) systems which can gather and examine security event logs from various sources across a network.

• Train personnel on the latest anomaly detection techniques to distinguish peculiar activities.

Compliance and Collaboration

The iGaming industry typically operates under existing cybersecurity and data protection regulations that apply to the broader business and technology sectors which may indirectly address ransomware prevention and response. Examples in the U.S. include PCI DSS, AML regulations, in addition to the state based iGaming licensing and data protection laws. It's important to note that regulations and compliance requirements can vary between jurisdictions, and it's crucial for iGaming companies to understand and adhere to the specific regulations applicable to their operating regions.

In the U.S. there are also agencies which are involved in setting and maintaining cybersecurity standards and guidelines.

For example:

• Cybersecurity and Infrastructure Security Agency (CISA), lead federal agency responsible for coordinating the defense against cyber threats.

• The National Institute of Standards and Technology (NIST) developed a Cybersecurity Framework and provides guidance for organizations to manage and mitigate cybersecurity risks.

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To counter risks and given the evolving nature of threats, early detection is essential in order for threats to be neutralized. For this, it's advisable to invest in robust cybersecurity detection measures, possibly including advanced IDPS, SIEM and UBS systems. It's also important to stay updated with latest security practices, compliance, industry guidance, and knowledge of emerging threats. Collaboration with industry stakeholders, regulators, and cybersecurity specialists to share threat intelligence can assist in ensuring best practices are maintained.

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internetvikings.com

Internet Vikings is a leading provider of first-to-market licensed in-state hosting for the sports betting and iGaming sector in the U.S., serving solutions in 23 states. The company, founded in 2008, offers dedicated servers, co-location, and cloud hosting with a premium status proven by its ISO 27001 certification and intensive DDoS protection.