Watch: Pharming vs. phishing, cybersecurity risks in the iGaming industry

Jenny Ortiz December 21, 2024

SiGMA news

As the iGaming industry continues to expand globally, the challenges of ensuring cybersecurity have become increasingly complex. Speaking at Europe 2024, Dr. Aftab Rizvi, Chairman of the Associates Group and CEO of Gaming Associates, shared insights on the growing threats of pharming in the sector.

In a Kapersky article, pharming and phishing are defined as two forms of cyberattacks that pose risks to online platforms, including iGaming operators. While phishing involves tricking users into providing sensitive information through deceptive emails or messages, pharming takes the threat further by redirecting users to fake websites designed to steal credentials or install malware.

According to Dr. Rizvi, pharming is a pressing concern in the iGaming industry as it directly targets players and their trust in legitimate platforms. He explained that such attacks not only compromise user data but also damage the reputation of operators, leading to financial losses and reduced player confidence.

iGaming as a target for cyberattacks

Dr. Rizvi highlighted the vulnerability of iGaming platforms to cyberattacks due to their similarities with e-commerce systems. In addition to pharming and phishing, operators face threats such as ransomware and distributed denial-of-service (DDoS) attacks, which can disrupt services and compromise sensitive player information. The loss of data can have legal implications under regulations like the General Data Protection Regulation (GDPR) and anti-money laundering laws.

The iGaming sector, being at the forefront of e-commerce innovation, must contend with these risks while maintaining robust security standards. Dr. Rizvi emphasised that cybersecurity is not just a technical issue but also a reputational one, as operators must safeguard user trust in an increasingly competitive market.

Countering cyber threats in iGaming

Addressing cyber threats in the iGaming industry requires a multi-layered approach. Dr. Rizvi underscored the importance of defence-in-depth principles, which involve securing servers, networks, applications, and ensuring employee awareness. He noted that social engineering remains a significant challenge, with attackers often exploiting human vulnerabilities rather than technical flaws.

Regulatory and industry challenges

The regulatory landscape in Europe and beyond is evolving to address cybersecurity concerns. Dr. Rizvi noted that regulators are increasingly focusing on broader issues such as data privacy, money laundering prevention, and player protection. While these developments raise the bar for compliance, they also impose challenges on operators who must balance regulatory obligations with operational efficiency.

Dr. Rizvi commended the industry’s efforts to adopt higher security standards but emphasised the need for collaboration among operators, regulators, and stakeholders to create a more secure ecosystem.

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