MGM Resorts Just Lost $80 Million After A Massive Cyberattack

Recent events involved the well-known casino and resort operator MGM Resorts, which suffered a startling $80 million loss as a result of a protracted hack. The Aria, Bellagio, and MGM Grand were among the important MGM properties in Las Vegas with their electronic systems being impacted by the 10 day-long intrusion. Corporate email, restaurant and hotel reservations, as well as access via a digital key card, were all part of the compromised systems.

When the breach was first discovered on September 10, MGM acted quickly to reduce its effects and bring its customer-facing electronic systems back up. Despite the company’s assurances to the public that business had resumed as usual, some users continued to report problems with the mobile app, which MGM recognized and said they were attempting to fix.

The MGM Resorts cyberattack is not a unique incident in the gambling sector. On September 7, Caesars Entertainment, the proprietor of a rival casino, was also a target of a cyberattack. Although their internet and casino operations continued unabated, they were unable to ensure the privacy of tens of millions of consumers’ personal information, which raised questions about the security of such businesses.

The potential costs of the intrusion were emphasized by industry experts including Gregory Moody, director of the University of Nevada’s cybersecurity program. They predicted losses of up to $8 million every day, totaling a startling $80 million. This incident called into question the notion of casino invulnerability by exposing significant cybersecurity infrastructure problems at MGM and Caesars.

In response to these breaches, cybersecurity experts emphasized the importance of bolstering defenses and activating incident-response protocols. The attacks serve as a stern reminder for the entire casino industry to reassess and fortify their cybersecurity measures, ensuring the integrity and security of their systems and customer data. As cyber threats continue to evolve, proactive steps are imperative to safeguard the trust and safety of customers in an increasingly digital landscape.

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