AI Hacking of March Madness Betting Expected to Cost Billions

The men's NCAA Basketball Tournament, March Madness, is one of the biggest sports spectacles in the world. Not only is it known for record lost productivity in the workplace, but also this year, expected record gambling losses due to hacking.

  AI hacking expected to reach record level

According to information released by PR WIre, and Advizex (a leading provider of digital enterprise and application solutions) the amount of money expected to be lost due to hacking by AI this tournament could reach $18.3 billion.

According to PR Wire and Advizex:

 "With the rise of AI, cyber-attacks are becoming more sophisticated and frequent. It is estimated that these attacks, and the general loss of productivity from office betting pools, will cost U.S. companies more than $18.3 billion in revenue loss this year, up from $17.3 billion in 2023."

These experts say the possibility of hacking is much greater than other one-day events, such as the Super Bowl because March Madness is spread out over several weeks. It offers a lot more opportunities for hacking because many betters enter multiple pools and brackets as the tournament progresses.

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Here are some ways to protect yourself:

• "Use strong passwords and a password manager
• Verify the source before you click on it
• Utilize multi-factor identification (this can take longer but adds safety)
• If you can update your software."