Tribal casino operators being hit by cyberattack anxiety
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Tribal casino operators are worried about cyberattacks. They are finding it harder to obtain reasonably-priced cyber insurance.
There are over 500 tribal casinos in the United States. The prevalence of cyberattacks for 2021 has jumped by more than 1,000% compared to pre-pandemic 2019.
Ewing told attendees that properties are currently facing the question of when they will be hit by hackers. Many insurance providers have dropped their coverage of tribal casinos and hotels. Insurance companies have increased their cyberattack premiums even for venues that have never suffered a breach.
CDC Gaming Reports highlights the rumored 2019 cyberattack on MGM Resorts International that allegedly led to the information of more than ten million patrons being revealed. In May, reports surfaced that hackers had dumped tens of millions of customer records.
Ewing claims that insurance providers are starting to reduce the amount they are prepared to insure. The amount was once $25 million but now it's down to $10 million or even lower. Ewing says this is because insurance firms wrote cyber business without doing the necessary underwriting.
Ewing claims that the industry is seeing insurance policies cancelled or denied renewal. He claims the deductibles for casino operators and other entities will have to be increased to $2 million.
