The Importance of Cybersecurity in Online Gaming Platforms

Online gaming has grown to become one of the largest entertainment industries worldwide, with a market valuation of over $197 billion USD as of the year 2022. The significant growth was driven by increased accessibility and technological advancements, catalyzed even further by the COVID-19 pandemic.

It grew by 26% between 2019 and 2021 as users turned to online games as a way of reaching out to friends and breaking the monotony of lockdowns. This enormous growth, coupled with large amounts of data exchanged online, has made the gaming industry a very lucrative target for cybercrime.

As online gaming platforms have grown increasingly sophisticated, so have the tactics employed by hackers. Strong cybersecurity measures are becoming all the more important to protect players and platforms alike.

A Lucrative Industry of High Stakes

The growth in the gaming industry has evolved significantly—from the very simple arcade games to the immersive and interconnected ones today. Millions of users worldwide play popular games like Fortnite, FIFA, Call of Duty, and PUBG, spanning different demographics and age brackets.

Currently, players can enjoy games across multiple platforms, including Windows, macOS, Android, iOS, Xbox, PlayStation, browser-based gaming, and even online slots and other casino online games.

Global video game revenue is projected to grow by 6% annually, reaching $257 billion by 2028. In 2023 alone, the market was valued at $196 billion, according to a recent study by Bain & Company.

This rapidly growing industry sees trillions of dollars change hands. Players are constantly buying, bartering, or selling items in games besides the storage of personal information on gaming sites; thus, it becomes a rich source of valuable information for cybercriminals.

According to one report by Akamai, within just 17 months, there were 12 billion attacks on gaming sites, which only proves the enormous risk the industry entails.

The Growing Menace of Cyberattacks

Data breaches have become rampant in the video gaming industry. Cybercriminals often disguise themselves as gamers to gain access to sensitive information, such as personal and credit card details.

An emerging attack surface for hackers is the online gaming community, as stated in an Experian 2019 report, where several cybercriminals infiltrated gaming platforms, stealing sensitive information from players.

The impact of breaches on the gaming industry’s cybersecurity is devastating. Players risk losing personal and financial information, while companies face significant financial and reputational damage.

Gaming firms have faced class-action lawsuits when hundreds of thousands of accounts were compromised, such as when Fortnite accounts were breached, through which some valuable in-game items were stolen.

Why Cybersecurity is Important

With high values at stake, gaming firms must implement robust cybersecurity controls to protect both themselves and their users. Implemented controls help mitigate risks like identity theft, fraud, and disruptions caused by DDoS attacks.

Moreover, online game companies must comply with local laws, such as the Payment Card Industry Data Security Standard, which deals with the protection of users’ personal information, and the GDPR concerning the confidentiality of users’ data.

Key cybersecurity measures gaming companies should put into practice include:

• Multi-factor authentication: Prevents unauthorized account access and adds another layer of security to protect not only the identity of the players but also their accumulated resources in gaming.
• Data Encryption: Sensitive data, including personal and financial information, is encrypted so that even if it gets intercepted or leaked, it remains safe and inaccessible to unauthorized individuals.
• DDoS protection: Crucial for ensuring uninterrupted gaming service. During an attack, it overloads the servers with useless traffic, causing no valid player to access the facility, leading to monetary loss and damage to the company’s reputation.
• Anti-phishing measures: Most hackers exploit in-game messaging to send phishing messages to players for confidential information; effective phishing prevention methods block attacks before they occur.

Impact of Cyber-attacks on the Players’ Confidence

One of the largest implications of a cybersecurity breach in the gaming world is the erosion of players’ trust. Gamers invest a lot in creating their online persona and collecting items within the games they’re playing.

Many of these virtual assets have real-world value and sometimes fetch a significant amount of money in the market. In the event of hacking, players lose not only their in-game possessions but also their trust in the platform. Once lost due to a cyberattack, it takes a long time to rebuild trust.

Gamers are likely to shift to platforms where they perceive better security of their personal and financial data. Thus, cybersecurity should be integral to all gaming company operations to retain customers and maintain their brand reputation.

Compliance with Regulatory Requirements

With the growth in the industry come its regulators. Across the world, governments and regulatory bodies have begun developing data protection laws to ensure gaming companies safeguard user information. For example, the GDPR imposes hefty fines for failure to comply with standards that protect data, as much as €20 million or 4% of the company’s global turnover, whichever amount is higher.

Compliance with such regulations is not only crucial to avoid legal and financial consequences but also in terms of maintaining the trust of the players. Players need to feel that their information is handled responsibly and that game businesses do everything necessary to secure their private data.

Cybersecurity: The Foundation of Trust in Online Gaming

In a world that is connected at levels never thought possible, online gaming grew from an enjoyable pastime into a global industry—one based on vast exchanges of personal data and significant financial turnovers.

This means that cybersecurity in the gaming sector cannot be neglected. Games without proper security measures risk losing the trust of their players, while enormous economic losses could permanently damage their brand.

Implementing robust cybersecurity controls, such as multi-factor authentication, data encryption, and DDoS protection, is essential for gaming companies to protect the integrity of gaming. They must also adhere to international data protection regulations to ensure users’ data remains private.

As the industry continues to grow, so do the cyber threats, and gaming companies must take additional cybersecurity measures to protect their platforms and users.