{"id":289454,"date":"2023-09-13T09:49:10","date_gmt":"2023-09-13T14:49:10","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=289454"},"modified":"2023-09-13T13:19:50","modified_gmt":"2023-09-13T18:19:50","slug":"mgm-likely-dealing-with-ransomware-attack-says-expert","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-likely-dealing-with-ransomware-attack-says-expert\/","title":{"rendered":"MGM Cyber Breach Looks Like \u2018Widespread Ransomware Attack\u2019"},"content":{"rendered":"

MGM Resorts International (NYSE: MGM) is still dealing with the impact of a large-scale cybersecurity breach. While the casino operator hasn\u2019t commented to this effect, at least one industry insider believes the event has the hallmarks of a ransomware attack.<\/p>\n

\"MGM
An expert says the cyberattack affecting MGM is likely one of the ransomware variety. (Image: iStock\/Getty)<\/figcaption><\/figure>\n

In ransomware infiltrations, hackers essentially hold an entity\u2019s computer systems hostage, forcing victims to pay when their backs are against the wall. As corporate America, including the gaming industry, is increasingly tasked with safeguarding customer data and is more reliant on technology, ransomware attacks’ profitability is also rising.<\/p>\n

If past performance in this industry is an indicator, then we could anticipate MGM paying the ransom if they see no other option,\u201d<\/strong> noted Fergal Lyons, cybersecurity evangelist with Centripetal,<\/a> in comments supplied to Casino.org. <\/em>\u201cCybercriminals are finding ransomware to be a lucrative industry, capitalizing on vulnerabilities and exploiting careless employees.\u201d<\/strong><\/p><\/blockquote>\n

Late Tuesday, Las Vegas-based MGM issued a statement, saying it \u201crecently identified a cybersecurity issue affecting certain of the Company’s systems,\u201d and that it\u2019s working with law enforcement on the matter. However, the casino operator did not use the term \u201cransomware.\u201d Nor did it mention if the perpetrators of the hack have made financial demands.<\/p>\n

If MGM Pays Ransom, It Must Tell Investors<\/h2>\n

Should it become clear that the Bellagio operator is, in fact, the victim of a ransomware attack and that a ransom is paid, such information must be disclosed to investors,<\/a> because MGM is a publicly traded company. That mandate was recently instituted by the Securities and Exchange Commission (SEC).<\/p>\n

\n

The stipulation is that the event be deemed \u201cmaterial,\u201d though the SEC doesn\u2019t outline monetary guidelines for what constitutes material. The commission requires that public companies affected by cyber breaches that cause financial loss file an Item 1.05 Form 8-K within four days after the impacted party confirms material effect.<\/p>\n<\/div>\n

Some cybersecurity professionals believe it\u2019s unsurprising that a gaming company was targeted in a large-scale cybersecurity breach,<\/a> because companies are stewards of copious amounts of sensitive personal data because of the travel and leisure industry’s consumer-facing nature.<\/p>\n

\u201cAs such, the sector becomes an attractive target for cybercriminals seeking financial gain or to exploit vulnerabilities for malicious purposes,\u201d added Erfan Shadabi, cybersecurity expert with Comforte AG<\/a>. \u201cThe MGM Resorts incident is emblematic of this overarching challenge. Recognizing the pivotal role technology plays in enhancing guest experiences, optimizing operations, and facilitating global connectivity, the tourism industry must allocate resources to bolster its cybersecurity posture.\u201d<\/p>\n

Big Spending Required to Up Cybersecurity<\/h2>\n

Cyber thieves are increasingly cunning and are diversifying how they can harm corporations and governments, indicating proactive spending is needed. Centripetal\u2019s Lyons observed that cyber criminals are so technologically proficient that their attacks are now bespoke or tailored to specific industries.<\/p>\n

The MGM hack underscores how digital transformation increases the attack surface and how physical infrastructure can be disrupted by a cyberattack,\u201d<\/strong> said Tom Kellermann, senior vice president of cyber strategy at Contrast Security in the comments. \u201cGuards, guns and vaults cannot defend against cyber-intrusions.\u201d<\/strong><\/p><\/blockquote>\n

As for cybersecurity spending, it\u2019s estimated that domestic companies spent nearly $71.7 billion last year on such expenditures. The rule of thumb extolled by some in the tech community is that 9% to 14% of corporate tech budgets should be allocated to cybersecurity.<\/p>\n","protected":false},"excerpt":{"rendered":"

MGM Resorts International (NYSE: MGM) is still dealing with the impact of a large-scale cybersecurity breach. While the casino operator hasn\u2019t commented to this effect, at least one industry insider believes the event has the hallmarks of a ransomware attack. In ransomware infiltrations, hackers essentially hold an entity\u2019s computer systems hostage, forcing victims to pay […]<\/p>\n","protected":false},"author":46,"featured_media":246335,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,21,81886,16693],"tags":[81897,86118,23,82041],"acf":[],"yoast_head":"\nMGM Likely Dealing With Ransomware Attack, Says Expert<\/title>\n<meta name=\"description\" content=\"Cybersecurity expert believes MGM probably grappling with ransomware attack.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/mgm-likely-dealing-with-ransomware-attack-says-expert\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM Likely Dealing With Ransomware Attack, Says Expert\" \/>\n<meta property=\"og:description\" content=\"Cybersecurity expert believes MGM probably grappling with ransomware attack.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mgm-likely-dealing-with-ransomware-attack-says-expert\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-13T14:49:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T18:19:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/cyber.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-likely-dealing-with-ransomware-attack-says-expert\/\",\"url\":\"https:\/\/www.casino.org\/news\/mgm-likely-dealing-with-ransomware-attack-says-expert\/\",\"name\":\"MGM Likely Dealing With Ransomware Attack, Says Expert\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-likely-dealing-with-ransomware-attack-says-expert\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-likely-dealing-with-ransomware-attack-says-expert\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/cyber.jpg\",\"datePublished\":\"2023-09-13T14:49:10+00:00\",\"dateModified\":\"2023-09-13T18:19:50+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Cybersecurity expert believes MGM probably grappling with ransomware attack.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-likely-dealing-with-ransomware-attack-says-expert\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mgm-likely-dealing-with-ransomware-attack-says-expert\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-likely-dealing-with-ransomware-attack-says-expert\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/cyber.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/cyber.jpg\",\"width\":1200,\"height\":675,\"caption\":\"An expert says the cyberattack affecting MGM is likely one of the ransomware variety. 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