Betfair Announces Security Breach

Betfair, the biggest online destination for betting, has just announced that the accounts of their bettors and poker players alike are compromised by hackers, and that this has been going on for quite some time now.

Betfair’s Servers Breached

Betfair has a total of 11 different servers based in the UK and Malta. Up until recently, Betfair has announced that their servers have been hacked and that the accounts of its players are compromise by the hackers. Their servers contain millions of accounts, more than 3 million of these contained encrypted security questions, almost another 3 million of these contained addresses, and almost 90,000 of these contained bank account details. This was found out once one of the servers from Malta crashed on May 20. Betfair did not inform its customers after they have found out about the issue though. Betfair says that it has already informed the UK’s Serious Crime Agency, the Australian Federal Police, and the Royal Bank of Scotland. The sad thing is that the players weren’t informed of the issue and they went about their lives, knowing not about their accounts being compromised. Of course, as the announcement was released, Betfair customers and investors alike went on to express what they feel about the subject matter that the site is in.

Players Lose Confidence on Betfair’s Security Measures

Based on the reports of various London based security consultants, Betfair’s practice in terms of its date security is said to be inadequate. The report reads “Information security was not implemented in accordance with best practice,” and that “Appropriate information security governance is not in place within Betfair and as a consequence, the business has been exposed to significant risks.” Although Betfair has already done what the report recommends and has even willingly spent £10 million of its funds, it’s a little too late for things as its customers and investors have lost faith in the security of the betting exchange giant.

Betfair’s Future

Yet another issue comes to play as its Director of Group Security, Dean Catlett, has resigned. Catlett’s resignation is followed by more than 20 other personnel since the security breach was discovered. Other resignations also include the company’s chief executive, David Yu, and chairman, Ed Wray. With the resignation of quite the number of its personnel and the loss of confidence of its players and investors, Betfair’s future might be in serious jeopardy.

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