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That puts the gaming stock in an extensive group of companies, including Capital One Financial (NYSE: COF), Equifax (NYSE: EFX) and Sony (NYSE: SNE), among others, that have experienced share price declines on the back of negative cybersecurity headlines.<\/p>\n<\/div>\n
Those examples and many more equivalents have accrued over the years, and that\u2019s compelled the SEC to require public companies to share the costs of adverse cyber events with shareholders.<\/p>\n
\u201cAn Item 1.05 Form 8-K will generally be due four business days after a registrant determines that a cybersecurity incident is material,\u201d added the commission. \u201cThe disclosure may be delayed if the United States Attorney General determines that immediate disclosure would pose a substantial risk to national security or public safety and notifies the Commission of such determination in writing.\u201d<\/p>\n
Companies Have Paid to Halt Ransomware Attacks<\/h2>\n To reiterate, it\u2019s unclear whether or not MGM is dealing with a ransomware issue — a cyberattack where the perpetrators demand financial compensation. However, while the US government doesn\u2019t negotiate with terrorists, corporations and other entities do pay ransomware criminals to relent.<\/p>\n
\u201cRansomware attacks spiked exponentially through 2021,\u00a0increasing by 350% since 2018<\/a>. The number of times firms paid settlement fees also increased by over 100%, and downtime incidents rose 200% through 2021,\u201d according to cybersecurity provider Fortinet.<\/p>\nExamples of corporations and other large entities that have paid ransomware demands in recent years include insurance provider CNA Financial, Colonial Pipeline and the University of California San Francisco (UCSF)<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"As of late Monday, MGM Resorts International (NYSE: MGM) is still grappling with the effects of what appears to be a large-scale cybersecurity breach. Should it become clear that the perpetrators made a ransom demand — a common tactic in cybercrime — and that the demand was paid by the gaming company, the casino operator […]<\/p>\n","protected":false},"author":46,"featured_media":42412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,81886,13592,16693],"tags":[81897,81903,23,81895,82041],"acf":[],"yoast_head":"\n
MGM Must Detail Ransomware Demand, Payment To Investors<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n