Las Vegas Casino Empire Suffers Devastating Cyberattack, Costs to Surpass $100 Million.

Cyberattack Ravages Las⁣ Vegas Casino Empire, Expected to ‍Exceed $100 Million in Costs

In⁤ a recent cybersecurity attack, MGM Resorts, the renowned ‍Las‌ Vegas-based casino giant, is projected to⁢ face⁤ losses of over $100 ‌million, according to a regulatory⁢ filing released⁤ on Thursday.

The‌ attack, which was discovered on‌ September 10, prompted MGM to temporarily shut down computer systems ⁢at various ⁤properties across⁤ the United States in order‌ to safeguard sensitive data.

Customers took to social media to share their experiences of being unable to make credit card transactions,‌ access cash machines, or enter hotel rooms, as ⁣the impact of the attack affected ‍reservations and casino floors in Las Vegas and‌ other states.

MGM CEO Bill Hornbuckle assured customers that⁣ operations at the affected properties have returned to normal after a 10-day shutdown, stating, “We also believe ‌that this attack is contained.”

While no customer bank account numbers or payment card information were ⁣compromised, ‍hackers did manage to steal personal information such as names, contact ​details, driver’s license⁣ numbers, Social Security numbers, and passport numbers of customers who had ‍conducted business with MGM prior to March 2019.

Hornbuckle emphasized that there is‍ “no evidence” of the stolen data being used for fraudulent activities or identity theft. Nevertheless, MGM will be reaching out to affected consumers via‍ email, offering ​free identity protection ​and credit⁣ monitoring services.

MGM anticipates a negative impact⁢ on its ⁣third-quarter​ financial results, particularly in Las Vegas, due to the cybersecurity attack. However, the company ⁣expects minimal‍ impact ​in the fourth ⁤quarter and overall operational results for the year.

In addition to the estimated $100 million loss, MGM also foresees incurring ⁢charges ⁢of​ less ⁣than $10 million for one-time expenses like legal fees and technology consulting.

It is worth ⁢noting that MGM was not the only casino ⁣giant to experience a cybersecurity breach last month. Caesars Entertainment also‌ disclosed a cyberattack, although its casino and online operations ⁤remained unaffected.

According to The Wall Street⁤ Journal, MGM refused to pay the hackers’ ransom ⁤demand in September,⁢ while Caesars ​reportedly paid $15 million of a $30 million ransom ‍to‍ secure ​their data.

Outside of ⁢the casino industry, Clorox recently⁤ revealed a cybersecurity attack​ that caused significant disruptions to its operations, resulting​ in product shortages and ‌order⁢ processing ⁤delays.

Clorox ‌expects its⁣ net​ sales to decline between 23 percent⁣ and 28 ⁣percent for the first ⁤quarter of ‍2024 as a ‌result of​ the attack.

The Western Journal has reviewed this Associated Press story and may have altered it prior to publication to⁢ ensure‌ that it meets ​our editorial standards.

The post Cyberattack ⁣Ravages Las⁢ Vegas‍ Casino Empire, Expected to Exceed ​$100 Million in‍ Costs appeared first on⁤ The Western Journal.

⁤What are some potential financial‌ consequences ⁢of the cyberattack on MGM Resorts?

To suggest that the stolen ​information has been⁤ misused and that ​MGM is working closely with law enforcement‍ agencies and cybersecurity experts to investigate the incident ⁤and enhance its security measures.

The cyberattack on MGM Resorts has raised concerns ‌about the vulnerability of the hospitality and gaming industry to such malicious activities. As a sector heavily reliant on technology to provide seamless customer experiences, it must invest in robust cybersecurity measures to protect sensitive customer data and prevent potential financial losses.

The fallout ⁢from the attack has also highlighted the need for stricter regulations and compliance standards ⁣in the industry. While MGM Resorts has stated that it adheres to industry best⁣ practices and conducts regular audits,⁤ the breach has undoubtedly raised questions about the effectiveness of ⁤current security protocols.

The financial ‍impact of the⁤ cyberattack on MGM Resorts is significant, with estimated costs exceeding $100 million. These costs include​ not only the⁣ expenses associated with data recovery and⁣ system restoration but also ⁣potential legal ⁤repercussions and the financial impact of reputational damage. The incident serves as a reminder to businesses of all sizes and industries that the consequences of cyberattacks extend far beyond monetary losses.

In response to the incident, MGM Resorts has reportedly increased its investment in cybersecurity measures and is enhancing its ​data⁣ protection ⁣protocols. The ​company has also taken steps to provide affected customers ⁢with resources and ⁢support, including offering them one year ⁤of complimentary credit monitoring and identity theft protection.

The cyberattack on MGM Resorts serves as a stark reminder that no ‌organization is immune to the threats ⁣posed by cybercriminals. It underscores ⁤the need for constant vigilance and proactive measures to safeguard sensitive information and ensure the continuity of business operations.

The incident also highlights the importance of collaboration​ between businesses, government agencies, and cybersecurity experts. Sharing knowledge, best practices, and information on emerging threats can help organizations stay⁢ one step ahead of cybercriminals and minimize the impact of‌ such attacks.

As the investigation into the cyberattack on MGM Resorts continues, it is crucial‍ for businesses across⁤ all industries to evaluate their cybersecurity preparedness and take necessary steps to fortify their defenses. Investing in robust cybersecurity infrastructure, training employees⁢ on best practices, and regularly reviewing and updating security protocols are ⁤essential⁤ steps in safeguarding ‌sensitive data and maintaining trust with ⁣customers.

The ‌cyberattack on MGM ⁤Resorts serves as a ​wake-up call for ​organizations to prioritize cybersecurity and take proactive measures to protect themselves and their customers. It underscores the‌ fact that cyber threats are continually evolving and becoming more sophisticated,⁣ requiring constant adaptation and investment in security measures.

In an increasingly digital world, ‍cyberattacks have the potential to cause widespread disruption and financial losses. It is therefore⁢ essential ‍for⁣ organizations to view ‍cybersecurity as an ongoing priority and invest the necessary resources to mitigate the risks posed by cybercriminals. Failure to‍ do so can result in severe financial and reputational damage, as evidenced by the cyberattack ⁣on MGM Resorts.