MGM Resorts Hit by $100M Ransomware Attack, Customer Data Exposed
MGM Resorts International has incurred significant costs due to a ransomware attack in September. The incident, which affected the company's cybersecurity, has led to operational disruptions and financial impacts.
The attack, which occurred in the third quarter of 2023, is expected to have minimal repercussions in the fourth quarter. MGM Resorts took its systems offline to contain the threat and prevent unauthorized access to sensitive customer information, including bank account numbers and payment card details. Operational disruptions, particularly in Las Vegas hotels, were the primary cause of the financial impact, with the company spending $10 million on one-time consulting and clean-up fees.
The breach exposed personal information of specific customers who transacted with the company before March 2019. This information includes names, contact details, and driver's license numbers. However, customer passwords, bank account numbers, and payment card information are believed to be safe from the breach. Cybersecurity experts advise against paying ransoms, as it does not guarantee full system recovery and fuels the ransomware ecosystem. MGM Resorts believes its response averted a potentially more catastrophic breach.
The total costs of the ransomware attack are still undetermined, but cybersecurity insurance is anticipated to cover a substantial portion. MGM Resorts International has incurred over $100 million in costs due to the attack. The company has not specified which organizations have contributed to improving its cybersecurity measures after the breaches, but it is expected to take steps to minimize future risks and protect customer data.
Read also:
- Industrial robots in China are being installed at a faster rate than in both the United States and the European Union, as the global market for these robots faces a downturn.
- Undeads Games Reaches $30 Million TVL and Gears Up for MMORPG Debut
- Hyundai N affirms transition to hybrid performance-centric models, initiating with Tucson N
- Bank of America reveals investigation into Zelle platform, hints at potential legal action
