Analyzing Cyber Risks in Ticketing: Lessons from Taylor Swift's 'Eras Tour' Using FAIR Framework and RiskLens

Analyzing Cyber Risks for the Ticketing Industry: Lessons from Taylor Swift's 'Eras Tour'

By Jacqueline Lebo March 15, 2023

CASE STUDIES

Let's dive into the world of ticketing platforms and analyze their potential cyber risks through the lens of the exhilarating Eras Tour by none other than pop icon Taylor Swift. After the whirlwind of frustration fans experienced last November due to Ticketmaster's online platform crashing under a surge of bots, scalpers, and unregistered users, we can't help but wonder: What steps could a ticketing company take to mitigate such risks?

RiskLens is at the forefront of cyber risk quantification software and services. To set the stage for effective risk management practices, our Top Risk Workshop approach would first identify crown jewel assets think sales platforms or customer databases along with probable loss scenarios that can result in significant financial losses if compromised.

Armed with insights from a FR Factor Analysis of Information Risk framework, we'd then embark on gathering data. This includes understanding the frequency and impact of potential loss events through detled analysis using RiskLens' pre-populated data helpers and loss tables, which are enriched with industry-specific information based on real-world incidents.

Assuming that an outage during a stadium concert tour is one of their top risk scenarios, we'd delve into quantifying factors such as:

• Loss Event Frequency: A once-in-about-eighth-year event, considering the potential for recovery post-outage.

• Lost Sales: Given the situation's complexity and industry norms, this would be considered a lower number than lost sales due to eventual restoration of services after any system downtime.

• Primary Incident Response Costs: This includes wages and loss in productivity based on industry benchmarks.

• Secondary Response Costs: A hefty figure here, typically associated with legal fines and judgments, estimated at $10 million based on historical data from RiskLens.

RiskLens' sophisticated platform would crunch these numbers to reveal an average annualized loss exposure of approximately $10.8 million per event, translating into a $65.7K average annualized risk.

In this scenario, we can assume that the ticketing company is considering implementing stringent improvements such as a more robust registration process for fans med at reducing the number of scalpers and bots. Our platform would then help determine whether these efforts are worth investing in.

For instance:

• Assuming relatively low-cost enhancements like stronger multi-factor authentication to gate access, we'd assess how much this might reduce the risk here represented by average annualized loss exposure of $65,700.

By doing so, RiskLens provides a visual depiction that such an improvement could drastically reduce risks by over 99, resulting in a significant ROI of roughly $4 for each dollar spent on implementing these changes.

The insights provided by quantifying cyber risks guide decision-makers towards proactive planning and investment instead of reactive response to disasters. By leveraging FR principles with RiskLens tools, organizations can prioritize risk management strategies effectively, ensuring they're well-equipped to navigate the complex landscape of digital threats.

To summarize:

• The Eras Tour incident highlights a critical need for robust cybersecurity measures in the ticketing industry.

• Quantifying cyber risks helps companies understand potential impacts and allocate resources efficiently towards mitigating those risks.

• Implementing strategic improvements like enhanced registration processes not only protects agnst bots and scalpers but also significantly reduces risk exposure.

By embracing these insights, organizations can better protect their platforms, ensuring a smoother experience for fans across the globe.
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