Cyber risk assessment and management firm Maxxsure announced John English's appointment to their Advisory Council to "strengthen the focus on the gaming industry due to waves of cyberattacks currently plaguing casino and sportsbook operators globally." English resides and works in Las Vegas.
Srik Soogoor, Maxxsure's President and Co-Founder, said: "We are excited to have John on board with our team of experts; his in-depth knowledge, experience, and background in gaming and technology is important as we serve our growing gaming clients, globally. John instantly understood the value of M-Score to the gaming industry and how the risks to the industry could be minimized and managed."
Maxxsure has developed the standard "M-Score" for the measurement of the industry's cyberattack risks. The company provides cyber risk quantification and insurance analytics against risks companies could manage by self-insurance or commercial insurance in the event of a cyberattack. M-Score measures corporate cyber risk health both in real-time and continuously with an easy onboarding process that reveals vulnerable areas within any gaming organization.
The M-Score platform generates an organization's cyber risk status, and the reporting module provides insight so adjustments to insurance limits can accurately be calculated and adjusted before catastrophic remediation is required. "This capability ensures that regulatory reserve limits and guidelines are satisfied and competitively negotiated," the company explained.
Several casinos and sports betting companies, including MGM, Sands, DraftKings, FanDuel, and others, have reported cyberattacks, as well as compromised player data. "Maxxsure's method to mitigate this crisis is an approach to assist casinos and sportsbooks to determine where the risks lie and allow them to take actions to avoid maximum loss situations," the group noted.
Recently the Nevada Gaming Control Board recommended that all operators perform risk assessments beginning in January 2023. Regulations are in the process of being adopted nationally, the firm highlights. Maxxsure also joined the International Gaming Standards Association initiative to enhance the cyber awareness and education of regulators and gaming companies globally.
"Performing regular penetration tests or risk assessments just isn't enough to combat this growing problem. Monitoring and managing need to be done daily, if not hourly. Maxxsure delivers a culture-enabling solution that is a priceless solution for gaming operations. The state of cyberattacks has changed from if to when and cannot be overlooked," stated Soogoor.
For his part, the newly appointee, English, commented: "Today, nobody is safe from cyberattacks. Criminals are sophisticated and are attacking from all angles in foreign and domestic arenas. From IoT thermostats to Alexa-enabled devices, if it's connected, it's a concern."
"Hacking is highly prevalent; measurement and corporate risk management is paramount and ignoring or neglecting the issue is becoming a personal and professional liability for corporate executives. I am grateful to join the Maxxsure team, and I look forward to serving on the Advisory Council and adding awareness to the gaming industry," he concluded.