The Las Vegas-based MGM Resorts recently revealed that a cyberattack last month cost them around $100 million in damages. After discovering the breach, the firm made the unprecedented decision to shut down a number of services in order to protect client data. This information offers a unique window into the serious financial repercussions that prominent organizations may experience as a result of becoming the victim of cyberattacks.
Due to a cyberattack, a number of MGM Resorts’ well-known casinos, including the Mandalay Bay and Bellagio, had to temporarily suspend their services. The effects were extensive, preventing hotel guests from using key cards to enter their rooms, preventing employees from accessing work emails for many days, and even leading to the cordoning off of specific areas of slot machines at MGM casinos. Caesars Entertainment, a competing business that experienced a comparable theft around the same time, however, made a suggestion in its SEC filing that the hackers may get money.
The majority of their systems have been restored, and MGM CEO Bill Hornbuckle told stakeholders that they think the incident has been confined. Although it seemed that bank account and credit card information was unaffected, the hackers were able to obtain some consumer data, including names, driver’s license numbers, and Social Security numbers.