{"id":60346,"date":"2022-12-12T09:43:34","date_gmt":"2022-12-12T01:43:34","guid":{"rendered":"https:\/\/version-2.com\/?p=60346"},"modified":"2023-07-24T18:34:47","modified_gmt":"2023-07-24T10:34:47","slug":"online-casino-heist-shreds-confidence-in-cybersecurity","status":"publish","type":"post","link":"https:\/\/version-2.com\/en\/2022\/12\/online-casino-heist-shreds-confidence-in-cybersecurity\/","title":{"rendered":"Online Casino Heist Shreds Confidence in Cybersecurity"},"content":{"rendered":"\t\t
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Nature abhors a vacuum, and so do cybercriminals. Whenever a new corner of the digital economy emerges, hackers are swift to infiltrate and exploit it to the fullest extent possible. It\u2019s a law of digital life by now. To see it validated once again, just look at what happened to DraftKings last week.<\/p>

Users of the popular sport-betting app found themselves locked out of their accounts. Upon getting back in, some found that funds had been drained away, totaling $300,000 across all those affected.<\/p>

This is hardly the biggest hack of late, nor is it the first time that an online sportsbook has been a target. It won\u2019t be the last time, either. In fact, FanDuel, a competing sportsbook, has also reported increased malicious activity though no confirmed attacks. More likely this is an early instance of what will be a long, sustained wave of attacks on online gambling.<\/p>

Why? For the simple reason that huge (and fast-growing) sums of money slosh around in online gambling accounts \u2013 sports books recorded $3 billion in revenue<\/a> through the first half of 2022, shattering previous records. Highly lucrative, these accounts are also highly vulnerable because people have yet to appreciate the risks of these accounts and take even basic cybersecurity measures. Hackers saw a vacuum waiting to be filled, and it just happened to have a pile of gold sitting inside.<\/p>

Attacks like the one on DraftKings should surprise no one. Regardless, that particular attack has lessons \u2013 for both gamblers and casinos – that could keep this problem from getting much worse.<\/p>

Online Gambling \u2013 Doubling Down on Risk<\/strong><\/p>

Criminals go where the money is located. So it\u2019s predictable that casinos, race tracks, and betting parlors have been frequent targets for criminal activity since their inception. Not only do these locations have piles of cash on hand, but it also moves around faster and more freely than it does somewhere like a bank. Also unlike financial institutions, security standards and regulatory requirements are less strict around gambling (especially at underground operations). For all these reasons, anywhere that gamblers congregate looks like a prime candidate for theft.<\/p>

Online operations are no different; they are a low-risk, high-value target. Except in the case of companies like DraftKings, both those factors are taken to the extreme. Gambling in online spaces lets more people and money collect in one place than any building could ever accommodate. The potential payout of a successful attack is much larger. At the same time, the number of ways to steal online gambling proceeds far exceeds the ways to steal real money. One takes an off-the-shelf cyber attack \u2013 the other takes Ocean\u2019s Eleven.<\/p>

The DraftKings attack is unfortunately a perfect example of the unique cyber risks accompanying online gambling. The perpetrators managed to access people\u2019s accounts using credential stuffing: they used known user names and password combinations \u2013 either purchased from the dark web or stolen during a separate attack \u2013 to see which ones granted access to DraftKings accounts. Once inside, it was simple to change the bank account information and drain the funds. This means some online gamblers are using the same username\/password they use for Amazon or Netflix. Most gamblers are protective of their stakes. That same caution has migrated online yet, and neither have the robust cybersecurity standards we are used to with other kinds of online transactions \u2013 DraftKings does not require MFA, for example, which would have prevented this attack.<\/p>

Some of these problems will be resolved as online gambling matures. But during that same period, cyber attacks will mature as well, and hackers won\u2019t quickly retreat from such a lucrative target. As the money flowing into sites like DraftKings keeps skyrocketing, expect the scale and audacity of attacks to do the same.<\/p>

Seeing the Bigger Problem<\/strong><\/p>

The problems facing online gambling are similar to those facing another industry: crypto. Attacks on crypto exchanges and wallets have repeatedly made headlines, led to billions in losses, and shown all indications of getting worse. The reason why, like online gambling, is lots of money collected in one place \u2013 or flying around anonymously \u2013 without strong (or even basic) security protections in place.<\/p>

This strikes me as indicative of a larger problem affecting most<\/em> aspects of our expanding digital lives, which is a failure to realistically anticipate risks and plan for cyber attacks. With the DraftKings hack and so many of the crypto examples, the level of caution and preparation \u2013 on the part of both users and developers \u2013 was severely out of step with the risk. To put it differently, we wandered obliviously into the jaws of a tiger. Worst of all, we already knew the tiger was there.<\/p>

I don\u2019t blame users for recycling their passwords or even blame DraftKings for making MFA optional. The real culprit is a culture that\u2019s still lax on cybersecurity and content to fix problems after<\/em> the fact. Anyone could have predicted that online gambling accounts or wallets full of digital currency would attract an immediate and aggressive onslaught from hackers. But could anyone explain why security around those targets started off (and still remains) so over-matched?<\/p>

The answer is complicated, no doubt. And I don\u2019t claim to have the whole thing. What I do know is that if hackers are waltzing into obviously sensitive accounts and making off with huge sums, cybersecurity has some serious ground to make up.<\/p>

#cybersecurity #DraftKings #gambling #credentialstuffing #crypto<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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About Version 2 Digital<\/h3>

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication products.\n

\nThrough an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\n\t\t

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<\/p>\n

About VRX<\/b>
VRX <\/b>is a consolidated vulnerability management platform that protects assets in real time. Its rich, integrated features efficiently pinpoint and remediate the largest risks to your cyber infrastructure. Resolve the most pressing threats with efficient automation features and precise contextual analysis.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Nature abhors a vacuum, and so do cybercriminals. Whene […]<\/p>\n","protected":false},"author":143524195,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[476,488,61],"tags":[477,489],"class_list":["post-60346","post","type-post","status-publish","format-standard","hentry","category-vrx","category-488","category-press-release","tag-vrx","tag-489"],"acf":[],"yoast_head":"\nOnline Casino Heist Shreds Confidence in Cybersecurity - Version 2<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vicarius.io\/blog\/online-casino-heist-shreds-confidence-in-cybersecurity\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Online Casino Heist Shreds Confidence in Cybersecurity - Version 2\" \/>\n<meta property=\"og:description\" content=\"Nature abhors a vacuum, and so do cybercriminals. 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