Strengthening trust, resilience and recovery in a high‑risk digital industry
In the latest episode of Continent 8’s Ask the Expert podcast series, Craig Lusher, Principal Solutions Architect, sits down with Elizabeth Grima, Senior Executive Manager at New Dawn Risk, to unravel one of the most misunderstood – but increasingly critical – areas of iGaming resilience: cyber insurance.
Both experts have spent years helping operators navigate real-world incidents that strike without warning – from ransomware to payment fraud, account takeovers, and vendor outages. Their message is clear: cyber insurance is no longer optional – it’s a core component of operational continuity for any iGaming business.
If you haven’t had time to watch the podcast episode, below is a summary of the episode’s key takeaways.
The rising importance of cyber insurance in iGaming
The iGaming sector is one of the most attractive global targets for cybercriminals. High‑value financial transactions, player data, round‑the‑clock uptime requirements, and interconnected vendor ecosystems create a perfect storm of cyber risk.
Cyber insurance helps operators withstand these threats by providing a financial safety net – but also much more. Modern policies include:
- Access to breach counsel
- Forensic investigators
- Crisis PR and customer notification support
- Technical recovery and restoration teams
- Guidance to navigate compliance and regulatory exposure
This combination ensures operators can recover faster, smarter, and with less long‑term damage.
How cyber insurance acts as a financial shock absorber
When a breach or outage occurs, every minute matters – and every minute is costly. Cyber insurance helps operators rapidly mobilise the right resources by covering:
- Data breach investigations
- System restoration
- Legal and regulatory support
- Customer notification and monitoring
- Ransom negotiation (where lawful)
- Business interruption losses
- Extra operating expenses during downtime
This dual support – financial and operational – means operators can focus on restoring service and protecting players, rather than scrambling to fund or coordinate a crisis response.
Cybersecurity + insurance: Why one cannot replace the other
A persistent misconception in the industry is that strong cybersecurity reduces the need for insurance – or vice versa.
In reality, the two work hand in hand:
- Cybersecurity controls reduce the likelihood and severity of attacks.
- Cyber insurance caps the financial and operational impact when incidents do occur.
Insurers increasingly expect baseline controls before offering coverage, including MFA, backups, monitoring, and social‑engineering safeguards.
Businesses that demonstrate strong cyber maturity often receive better pricing, fewer exclusions, and higher coverage limits.
What really determines whether a claim gets paid
Not all losses are automatically covered. Operators must pay close attention to key policy conditions:
- Coverage triggers
Protection is activated only when specific events – such as a security failure – occur. - Time deductible
Most policies have a waiting period – this could be anywhere from the first 8–24 hours of downtime, and these aren’t covered. - Period of restoration
Business interruption stops when systems are restored and not when reputation fully rebounds. - Limits and sublimits
Business interruption may share the overall limit and can be sublimited; forensics, restoration, and legal costs can eat into the pot before revenue loss is paid. - Compliance with the insurance contract
Late notice, poor documentation, or not following policy conditions can jeopardise the claim.
Ensuring internal teams understand these requirements is essential for maximising protection.
Misconceptions still holding operators back
Craig and Elizabeth highlight several myths that continue to cloud decision‑making across the industry:
- Myth: “Insurance replaces the need for security.”
– False. Without proper controls, operators may be refused coverage outright. - Myth: “Insurance automatically covers lost revenue.”
– Only if stringent conditions are met, including waiting periods and restoration definitions. - Myth: “Policies are standardised.”
– They’re not. Exclusions and sub‑limits vary widely and can significantly impact total payout.
Real‑world scenarios: Why every operator needs coverage
Consider two of the most common (and costly) incidents:
1. DDoS attack during peak traffic
An operator suffers a sustained DDoS attack during a major sporting event. Impacts include:
- Lost turnover
- Tournament disruption
- Player churn
- Emergency mitigation costs
With cyber insurance, expert teams rapidly intervene, reduce downtime, and help restore services – while the insurer covers response and recovery costs.
2. Player data breach
When sensitive player data is exposed, expenses skyrocket:
- Forensics
- Legal defence
- Regulatory reporting
- Customer notification
- Credit monitoring
Cyber insurance helps manage the fallout and protects the operator’s reputation.
The Continent 8 + New Dawn Risk advantage
To address the growing needs of iGaming operators, Continent 8 and New Dawn Risk have partnered to deliver a unified, industry‑specific cyber defence and insurance solution.
The partnership offers:
- Cyber insurance tailored to iGaming risks
- Preferential pricing – up to 25% discount for customers depending on the Continent 8 controls in place
- A jointly‑built playbook to streamline response and recovery
By combining Continent 8’s multi‑layered cyber protection with New Dawn Risk’s specialist insurance expertise, operators gain a comprehensive solution designed specifically for their operational and regulatory environment.
A holistic approach to iGaming cyber resilience
In an industry where downtime directly translates into lost revenue – and lost trust – cyber insurance has become a fundamental layer of resilience.
By integrating:
- strong cybersecurity controls
- a mature cyber posture
- and tailored cyber insurance coverage
… iGaming operators can withstand today’s evolving threats with confidence.
The Continent 8 and New Dawn Risk partnership ensures that operators are not only protected – but empowered – to operate securely across multiple jurisdictions.
Watch episode 7 of Continent 8’s Ask The Expert podcast featuring New Dawn Risk