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Cyberattacks on MGM and Caesars Exemplify the Ruthless Ransomware Cycle

Both MGM and Caesar’s Resorts were victims of cyber security attacks last week

Days before MGM’s computer systems were taken down in a cyberattack, Caesars paid out a ransom worth $15 MILLION to a cybercrime group that managed to infiltrate and disrupt its systems CNBC

MGM Resorts, a prominent casino and hotel company, faced extensive system failures and service disruptions across its Las Vegas properties and elsewhere this week due to a cyberattack that the company has been urgently trying to manage. Concurrently, Caesars Entertainment disclosed in a regulatory filing in the United States on Thursday that it had experienced a recent data breach, resulting in the theft of social security numbers, driver’s license numbers, and other personal information belonging to many members of its loyalty program.

These two notable incidents have come under close scrutiny this week. MGM customers reported intermittent problems such as issues with keycards at the company’s hotels, reservation system, website, rewards cards, malfunctioning slot machines, non-functional ATMs, and other challenges when staying at MGM properties or trying to withdraw winnings. Almost every computer system in all 30 properties worldwide was affected.

Caesars had paid approximately half of the $30 million demanded by the attackers in exchange for a commitment not to release the stolen customer data. While both incidents are significant, experts stress that the consequences of these high-profile hacks are part of a larger pattern of ransomware attacks that are pervasive, relentless, and long-standing threats.

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Unfortunately, there is no magic solution to protect your systems and data. You must have a comprehensive, multi-layered approach and you need to adjust for the ever-changing challenges and potential threats.

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Currently, the details pertaining to the hackers’ means of entry into the system remain undisclosed. It is unlikely this information will be released, as it could serve as a guide for other malicious actors. What we do know is they got in by social engineering. However, in our opinion, the more important lesson is how it affected all of their locations and all their systems. It appears they only have defensive security and poor offensive security systems. You must be prepared to isolate and eliminate the attack quickly before it takes over your entire network and your systems. Don’t gamble with the security of your organization and your customers – request your complimentary evaluation today.

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Reference: Delco Times