Raising the Stakes: Cyrex & IGaming Security
27 January 2022
It's no secret that the worldwide online gambling and IGaming sectors have expanded at a breakneck pace in recent years. This massive surge has experts estimating that by 2023, the sector will be worth a staggering $92 billion.
With online gambling clubs becoming a popular choice in countries such as the United Kingdom and the United States, dozens of new platforms are springing up. But not all of them are safe or secure. Hackers who are looking for the smallest flaws and weaknesses to exploit are a continual danger to internet businesses. Ransomware attacks, data breaches and DDOS hacks have occurred more frequently to some of the biggest names in the iGaming industry in the past two years alone. These attacks can have enormous financial harm on both an operator and its customers, while also doing irreparable damage to an entire brand.
It's understandable that clients who have had their accounts hacked and their personal and financial information stolen would lose trust in that online casino. Their faith in the online gaming industry may be impacted as well. Fortunately, we have some sweet music for the industry's ears, as we here at Cyrex continue to build a significant portfolio within the iGaming space at a speedy pace.
Keeping your iGaming (and reputation) secure
Now more than ever, the industry is working on a wide variety of gambling and play-to-earn games. Because most gambling jurisdictions ensure that the online gambling platforms provide licenses to utilize cutting-edge security technologies when a hack occurs, the site is subjected to a great deal of scrutiny and may even have its license withdrawn. With so much money spent in such a lucrative endeavor, maintaining the greatest standards of security is in an operator's best interests.
So, we here at Cyrex understand the absolute importance of maintaining the best level of security for both your business and your players. With Cyrex having an outstanding track record in the online video gaming industry it was a no brainer and natural direction to take. Needless to say, security is a number one priority in the casino world, where both the players and the business, their operations and revenue streams need to be protected at all costs.
We specialize in game hacking and security, preventing cheaters and hackers from committing destructive acts. For us, gambling principles are relatively simple, and with our incredibly broad skill sets from the video gaming industry, hacking these types of games is a walk in the park. Within the video game industry, we work on a wide variety of gambling games ranging from blackjack to slots, to roulette making sure there is no room for data manipulation.
In addition to the actual games, our team is also working on both the security and scalability of the actual platforms where end-users signup, log in and play the games. Because of this, Cyrex is making a significant impact on the industry as we are currently working with both small to NASDAQ listed casino operators and providers. As native security engineers passionate about gaming, casino games have no secrets to us when it comes to identifying ways to cheat the system or to compromise data.
While gambling games are significantly smaller in terms of the functionality that needs to be tested, all the functionality is critical in case a vulnerability is exploited, as most of the features have a direct relation to money. Traditional payments continue to be accepted by the largest gambling sites, but cryptocurrencies are gradually displacing them since many people want anonymity, especially when dealing with something as sensitive as gambling. Furthermore, the enhanced security of crypto helps customers feel safer because identity fraud and hacking are reduced.
However, while we’ve previously demonstrated the blockchain to be safe in its architecture, we’ve also repeatedly highlighted that if there is a weakness, hackers will immediately find ways to exploit and abuse it. But thankfully with the continuous rise of NFT, blockchain and crypto in the iGaming and entertainment industries, Cyrex has become the leading go-to partner because of the significant hands-on experience accumulated over the years.