Gateway Casinos Ontario Locations Closed Following Ransomware Attack

Gateway Casinos and Entertainment has announced the closure of its Ontario locations due to a ransomware attack. According to the company, there is no evidence of customer or employee personal information being impacted.

Laurent Desaulniers, vice-president of breach, detection and response at cybersecurity company GoSecure, believes the cyber attackers may have targeted the casino’s hotel operations due to valuable information, such as credit cards used for hotel bookings.

Desaulniers suggests the company has likely hired forensic professionals to find the origin of the attack, as well as a “breach coach” or lawyer to ensure privacy regulations are met.

Darren Gallop, CEO of cybersecurity company Carbide, warns that Gateway Casinos and Entertainment may face potential class-action lawsuits and privacy regulations depending on the extent of the attack.

The cyber experts assert that most ransomware attacks are not targeted, but instead a result of a security flaw or employee mistake, such as opening a phishing email.

They warn that cyberattacks are not going away and that companies should focus on having strong IT and security systems to prevent attacks, instead of only calling cybersecurity firms after being attacked.

Gallop also notes that cybercriminals are highly organized and professional, and many companies choose to pay the ransom to recover their data. The average cost of a ransomware attack is approximately $5 million per incident, and cybercriminals typically ask for about 3% of a company’s revenue as ransom.

While some companies pay the ransom if the cost is cheaper than trying to recover the files, Gallop cautions against companies playing nice with cyber attackers due to the legal considerations involved. Some groups are connected with cartel and gang activity, and companies may inadvertently support these criminal organizations.

Desaulniers and Gallop further note that cyber criminals have an incentive to keep a good reputation to ensure ransom payments keep coming. However, there are risks involved in paying ransoms, as it encourages the growth of the cybercrime industry and can also result in the victim not receiving their data back or having it leaked publicly.

Gallop adds that cyber criminals have become more organized and are making revenue by carrying out such attacks. These groups have lesser risks than they would face in a modern-day environment trying to smuggle narcotics over borders.

He further cautions companies against waiting until it’s too late to seek cybersecurity services and advises that having strong IT and security systems in place is key to preventing cyberattacks.

The closure of Gateway Casinos and Entertainment’s Ontario locations is just one example of the increasing threat of cybercrime facing businesses today.

As more companies continue to digitize their operations, it’s essential that they take proactive steps to ensure their systems are secure and protected from cyberattacks. Additionally, owning reactive strategies especially access to ransomware decryption tools may come in handy in worst case scenarios. Failure to do so could result in significant financial losses, damage to reputation, and legal repercussions.