Target of hackers: the new target of hackers is gaming companies Hackers are now targeting gaming companies
Target of pirates: The video game industry, which is now considered bigger than Hollywood, derives most of its revenue from the sale of digital items, access passes, subscriptions, etc. .
Gaming companies are the new target of hackers
Game publisher Take Two Interactive’s internal communication channels were also hacked last week after never-before-seen gameplay footage from the next game in the Grand Theft Auto VI (GTA VI) series leaked online. Take Two’s share price fell more than 6% a day after the hack, with investors fearing it could delay development of GTA VI, one of the publisher’s flagship games. The game’s predecessor, GTA V, sold over 5 million copies and generated over $6 billion in revenue for the company, according to reports.
The hack reflects the growing trend of cyberattacks against gaming companies big and small. As most gamers add their digital wallets to spend money on games, as well as give personal data to game accounts. Hackers turn to these organizations to steal data, credentials and more For example, local mobile gaming unicorn Mobile Premier League (MPL) has seen an increase in “failed cyberattacks” in recent months. Ruchir Patwa, vice president of security and compliance at MPL, said such examples include social engineering where hackers pretend to be employees or one of the members of the company to gain authorized access to internal systems.
Suman Saraf, CTO of cloud gaming platform BlueStacks, agreed with Ruchi. He also notes that cyberattacks on gamers and gaming companies have increased due to the “steady expansion” of in-game purchases – often referred to as microtransactions. “Attackers are constantly looking for credentials, in-game currencies and assets, payment details and personally identifiable information,” Saraf warned.
The gaming industry, which is now said to be bigger than Hollywood, derives the majority of its revenue from the sale of digital items, access passes, subscriptions, and more. A report by the Boston Consulting Group and Enterprise in November last year said that the Indian gaming industry alone generated $1.8 billion in revenue in 2020. Experts point out that most of the revenue comes from microtransactions.
The game uses a mobile phone number to log in and creates a digital wallet where players can store their money to facilitate the purchase of digital items. Oliver Jones, co-founder of Bombay Play, a game company based in Bengaluru, noted that the attacks are mainly directed against real money companies, as opposed to those that create free games. According to a report by EY and the Federation of Indian Chambers of Commerce and Industry (Ficci), India had 91 million gamers in March 2021 and would be the largest gaming market (mobile, console and PC combined) after China. It is expected to triple to $3.9 billion by 2025, according to a 2021 report from KPMG.
In August, cloud services company Akamai Technologies reported in a report that attacks against gaming companies globally had more than doubled between the first quarter of 2021 and the first quarter of 2022. India is the third country for the hack after US and Switzerland “If they can hijack a million transactions a month, they can make millions,” said Dean Howery, director, technology and security strategy, Asia Pacific and Japan, Akamai Technologies .
According to Abhishek Ravi, CIO of DreamSports, which operates Dream11, it uses automated tools to detect and prevent abnormal behavior. According to Teamlease Digital, it is estimated that the Indian gaming industry will create over one million jobs directly and indirectly by 2023.
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