Governments around the globe are taking measures to deter cybercrime. As a result, gambling companies in the United States could operate in a safer world.
A recent meeting of representatives in an International Counter Ransomware Initiative (CRI) was the most robust in its short lifespan. The US gambling industry has recently shown that it needs the CRI to succeed in its mission.
Caesars, MGM demonstrates the gambling industry’s vulnerability
Cybercrime is a global threat to all industries, and the gambling industry in the US is no exception. There’s little doubt about that, given recent events involving Caesars Entertainment and MGM Resorts.
In September, Caesars shared that it paid a ransom equal to tens of millions of US dollars to a criminal organization to regain access to its systems. Caesars said that during the incident, some Caesars Rewards members’ data was vulnerable.
Meanwhile, MGM’s systems were part of a cybersecurity event around the same. MGM has not yet shared all the details of the incident as law enforcement continues to investigate. Unconfirmed reports state that ransomware was part of the issue, though.
These are examples of what the CRI aims to limit in the future. The cooperation of various governments toward that end has never been greater.
CRI expands reach to combat cybercrime
According to a Nov. 1 statement from the White House, a recent meeting of delegates involved some new representatives. A total of 12 new nations and INTERPOL are now members of the CRI. The membership now stands at 50.
The third meeting of the CRI, which took place on Oct. 31 and Nov. 1 in Washington, DC, featured an affirmation of the CRI’s goals. Those include the cooperation of the various governments to strike at the heart of ransomware attacks.
Simply put, the strategy focuses on undercutting the incentive for criminal organizations to conduct such attacks by making doing so more costly than profitable. The plan includes working with companies in the private sector.
Whether companies like Caesars and MGM will be part of that in the future remains to be seen. Regardless, gambling companies in the US will benefit from the actions of the CRI as they could make commerce safer for everyone.