There have now been two highly disruptive attacks on the gaming industry in a matter of weeks.
Earlier this week, a hacking group named Scattered Spider brought down the systems of the $14 billion gaming giant MGM Resorts International (NYSE:MGM). The company, which operates a number of hotels and casinos on the Las Vegas Strip, including the Bellagio, Aria, and Cosmopolitan, shut down large parts of its internal networks on Sunday and revealed that systems remained paralyzed for a third straight day after. This resulted in widespread disruption across the company’s hotels and casinos, with guests reporting that ATMs and slot machines were out of order, along with room digital key cards and electronic payment systems.
Just days before MGM’s computer systems were taken down in the cyberattack, casino operator Caesars (NASDAQ:CZR) paid out a ransom worth $15 million to a cybercrime group that managed to infiltrate and disrupt its systems. The cybercrime group demanded a $30 million ransom from Caesars, but the company ultimately agreed to pay about half that, according to insider sources.
According to analysts at Moody’s, the incident highlighted key risks related to MGM’s business operations’ heavy reliance on technology and the operational disruption caused when systems need to go offline or are inoperable. Shares of both MGM and Caesars fell roughly 5.4% and 3.5%, respectively, during the week, illustrating the devastating impact of the highly publicized cyber attacks.
With these two events perfectly capturing the importance of cybersecurity in today’s rapidly advancing technology ecosystem, one company that looks well positioned to capitalize on this opportunity is Sekur Private Data Ltd. (CSE:SKUR) (OTCQB:SWISF).
Sekur Private Data is a Cybersecurity and Internet privacy provider that offers various solutions, including a secure email messenger and a VPN that sets itself apart from peers in the space. The main difference compared to the other VPNs is that the company has its own proprietary infrastructure that is only located in Switzerland, so users benefit from the strict Swiss privacy laws. This means that a user's data isn't subject to the Patriot Act. Moreover, Sekur doesn't host anything on hyperscalers such as Amazon, Google Cloud, or Microsoft Cloud, which could expose a user's data to data mining. Sekur’s services basically render the user invisible to hackers as well as email phishing attacks, with the services being available to both individuals and enterprise customers.
In a recent announcement, the company revealed that it had signed a distribution agreement with VYRE Network, which should be highly accretive for both companies. The deal provides Sekur with access to a diverse and extensive audience of over 1 million global streamers through VYRE Network's VBNGtv channel. With a specific focus on VYRE Business News Global ("VBNGtv"), which caters to seasoned investors and C-suite executives, the partnership will allow Sekur to showcase its suite of privacy communication solutions, including the upcoming Sekur Enterprise offerings.
Also, as Sekur’s privacy solutions are being used more and more by professionals, the VBNGtv partnership not only broadens Sekur's reach but also aligns it with a community of professionals and potential investors who value data protection and privacy. It also ties in well with its upcoming launch strategy, which will bring its SMB and Enterprise solutions in the USA to over 30 million small businesses.
Alain Ghiai, CEO of Sekur Private Data, noted: "We are very excited to have completed the partnership with VYRE, as this expands our reach to well over 1.1 million users who have downloaded the VYRE App to date. Having access to C-Suite executives gives Sekur and the upcoming Sekur Enterprise solutions large exposure to a new audience covering 186 countries.”
Another recent major milestone for Sekur Private Data Ltd. (CSE:SKUR) (OTCQB:SWISF) is that since it started optimization and SEO in January 2023, its Customer Acquisition Cost (CAC) has reduced to $26 per customer in August, beating its 2023 target CAC by 65%.
The company is also generating a higher average revenue per user ("ARPU") as compared to July 2023, up 3.4% to $8.75, driven by an increase in spending per subscriber, or user, which is attributed to the bundling of solutions offered on the newly updated Sekur website. Additionally, average spend per customer is up 24% to $14.97 month-over-month from July 2023.
Going forward, Sekur plans to further cut down its CAC through targeted digital marketing initiatives, including campaigns on platforms such as Google Ads and META. That's why, on August 23, the company also announced it had revamped and updated its website with the intention of bolstering traffic. So far, Sekur’s strategy of driving sales based on SEO and digital media marketing, improving content, increasing site visits, and increasing conversion rates has started to pay off. In fact, the near-term goal is to achieve 100,000 monthly website visits and a conversion rate exceeding 2.5%, which could be instrumental in lowering the CAC to an impressive $4.
Takeway
According to a recent McKinsey survey, there’s a $2 trillion market opportunity for cybersecurity technology and service providers, with the VPN industry alone expected to surpass $75 billion by 2027. Sekur Private Data Ltd.'s partnership with VYRE Network marks a significant step in expanding its reach and providing much-needed privacy solutions to a global audience. As the demand for secure and private communication grows, Sekur's commitment to data privacy and its range of solutions, including SekurVPN, position it as a valuable player in the cybersecurity landscape.
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