With every technological development that improves the industry’s reputation and operative efforts, there are cybercriminals working day and night to find gaps to exploit financial data for personal gain.
Financial data is some of the most sought-after information in the tech-innovation industry.
Gaining access to a customer’s financial data goes beyond simply using that information to make large purchases or removing money from bank accounts unnoticed.
Personal financial details are sold in the murkiest corners of the internet, albeit cheaply, and can cause ongoing distress to the victim.
Lindsay Slader, senior vice-president of compliance at GeoComply, highlights the dangers of financial data theft by citing previous incidents such as the hack of DraftKings and BetMGM.
These breaches demonstrate that no person or operator is exempt from such threats.
Chris Cutler emphasizes the importance of increasing awareness around the value of personal data and the need for robust security measures to prevent attacks.
Paysafe, for example, implements rigorous security protocols due to its regulatory obligations in the gaming and financial sectors.
GeoComply works with operators to provide anti-fraud services that identify, mitigate, and fight fraud attempts, as well as support criminal investigations if fraud is successful.
The director of cybersecurity at Continent 8, Leon Allen, highlights that the online gambling sector is highly targeted by cybercriminals.
All businesses in the industry should prioritize data protection, considering the average cost of a data breach in 2022 reached a record high of $4.3 million.
Allen suggests that companies should carefully choose trusted partners and review their partner standards, especially in terms of security and compliance.
GeoComply offers robust cybersecurity services that many operators are unable to provide in-house, ensuring a safe environment for financial data.
Multi-layered strategies and proactive approaches to cybersecurity are essential to defend against the changing threat landscape and prevent reputational damage.
While complete protection of financial data is not possible, stringent digital defense and personal accountability are key defenses against financial data theft in the tech-innovation industry.
