Constant cybersecurity attacks appear to spark friction between online casino operators and cyber insurance companies.
Casino operators need cyber insurance deals to protect their community members from cyber attacks. But insurance companies are somehow making it impossible for them to secure decent deals in recent years.
Since database hacks and cyber attacks have become a constant issue not only in the USA online gambling scene but also the global iGaming industry, there is a growing concern for the safety of user data on gambling sites.
In response to the growing need for cybersecurity, cyber insurance companies have been increasing their subscription prices, LA Progressive reported this week.
Compared to 2019, cybersecurity threats in 2021 soared by more than 1,000%. Several online businesses have had their systems hacked and their user data exposed to various cyber crimes, including identity theft and bank fraud.
After underwriters saw cyber attacks making headlines regularly, they started to add more zeros to their insurance premiums. In just one year, the average risk insurance payment went up 82%, said Lance Erwin, of the San Manuel Band of Mission Indians.
Per the latest data report by the American Gaming Association, the US already has more than 3,000 online casinos. Since these platforms offer convenient gambling through their virtual slots, table games, sports betting, and other features, they are expected to provide a safe and secure gambling arena to their users.
Online casinos hold sensitive information from their players, but insurance companies are reluctant to offer them reasonably priced safety nets. This could trigger a conflict between the two parties, especially if they fail to reach a compromise. The result could seriously affect online gamblers.
Top July 2022 Casino Recommendations
$7,777 Welcome Bonus
$3,750 Welcome Bonus
$10,000 Welcome Bonus
Cherry Jackpot 5 Year Anniversary Promos: How To Claim Free Spins, More
Cherry Jackpot Casino is turning 5 soon, so it’s time to prepare for its all-out celebration this October. Since launching in October 2017, Cherry Jackpot has grown into one of the most credible and sought-after brand in the online gambling industry. To celebrate its...
Mr Green’s Birthday Cake Wheel: How To Win Cash Gifts
Mr Green Casino is celebrating its 14th birthday, and everyone is invited to its lengthy celebration. Starting Aug. 8, players will have the chance to win cash gifts when they visit the platform. Per the casino’s press release, there will be daily GUARANTEED cash...
Mega Millions: Illinois Ticket Holder Wins $1.3B Jackpot
A sole ticket holder has won the massive $1.337 billion Mega Millions jackpot. The ticket bought in a Chicago, Illinois outlet beat the odds in the recent Mega Millions draw, with megamillions.com sayingthat it was the sole ticket to win Friday night’s jackpot....
NJ Casino, Gambling Industry Scores 2.2% Increase In June
New Jersey’s gambling industry witnessed a 2.2% increase in revenue in June compared to the figures it secured in the same month a year ago. According to the New Jersey Division of Gaming Enforcement, casinos, horse tracks and online gambling platforms based in New...
The Link Between Online Casinos & The Gaming Industry
Undeniably, online gambling and the gaming industry are intertwined. That’s because online casino games have similarities to video games. The most evident difference between the two has something to do with how online casinos involve money, while the other does not....
How Online Casinos Expanded User Base Amid The Lockdowns
Mounting evidence showed that the online gambling industry benefited a lot from the COVID-19 pandemic lockdowns, driving the virtual gambling market growth to newer heights. TBRC Business Research detailed how online gambling platforms witnessed a spike in their user...
Mr Green’s €30,000 Summer Giveaway With Dreamy Vacation
Mr Green Casino has formally introduced its special promotion for this summer season, the €30,000 Summer Giveaway. With this promotion, everyone will have a chance to win a dream holiday of their choice—be it a private island experience in the Maldives, a few days in...
UK Could Ban Online Casino Free Bets, Cap Maximum Stake
UK ministers are planning to update the country’s 17-year-old gambling legislation, and some changes could affect how UK Online Casinos operate. A source familiar with the matter exclusively told Bloomberg last week that the ministers are considering putting a cap of...
Fourth Of July 2022 Exciting No-Deposit-Required Promos
Fourth of July is coming this long weekend! If you have yet to decide how you are going to spend it, we are here to help you with that. Some of the most trusted brands in the iGaming industry are giving away freebies and incentives to celebrate the occasion. Red Stag...
MGM, Carnival Bringing Online Gambling To Cruises
Your next cruise could also offer the best online gambling experience. MGM Resorts International and Carnival Corporation have entered a partnership that would bring online gambling to cruise ships. The hospitality and entertainment company teamed up with the...
