Powered by:
as known from New York Timesas known from USA Todayas known from yahoo!
VA
The Grueling Truth - Where Legends Speak / US Betting News / MGM expects recent cyberattack cost to exceed $100 million

MGM expects recent cyberattack cost to exceed $100 million

Publish Date:10/07/2023
Fact checked by: Mike Goodpaster
Video: MGM Resorts estimates $100M loss due to cyber attack

MGM Resorts estimates $100M loss due to cyber attack

MGM Resorts anticipates the cyberattack last month will cost them $100 million. Detected on September 10, the breach prompted MGM to halt computer systems at its U.S. properties temporarily.

During the attack, customers faced issues related to reservations, credit card transactions, cash machines and hotel room access. The attack finally concluded ten days later, on September 20, 2023.

In a letter to customers sent on Thursday, MGM CEO Bill Hornbuckle addressed the recent attack and provided updated information. The incident exhibited characteristics consistent with an extortionary ransomware attack, though MGM has not officially confirmed this.

“While we experienced disruptions at some of our properties, operations at our affected properties have returned to normal, and the vast majority of our systems have been restored,” Hornbuckle said. “We also believe that this attack is contained.”

Brett Callow, from the cybersecurity firm Emsisoft, suggested that if it was a ransomware attack, it could become the most expensive one on record. Notably, in 2019, Norwegian aluminum manufacturer Norsk Hydro incurred $70 million in losses for refusing to pay ransomware criminals.

Additional $10M for one-time items

Hornbuckle assured that the incident did not compromise customer bank account numbers or payment card information. However, hackers did steal other personal details such as names, contact info, driver’s license numbers, Social Security numbers, and passport numbers of customers who did business with MGM before March 2019.

MGM has found no evidence of the hackers using this data for account fraud or identity theft. The company plans to contact affected consumers via email, offering free identity protection and credit monitoring services.

“We regret this outcome and sincerely apologize to those impacted,” Hornbuckle said.

In addition to the expected $100 million loss in adjusted property earnings, MGM foresees expenses of less than $10 million for one-time items, like legal fees and technology consulting.

MGM was not the only business facing hackers last month. Caesars Entertainment also reported a cyberattack on September 7. Despite this, the Reno-based company experienced no disruptions to its casino and online operations.

Caesars reportedly paid $15 million of a $30 million ransom requested by a group known as Scattered Spider in exchange for data security. In contrast, MGM declined to pay the hackers’ ransom demand in September.

Read Also
Esteban de Jesus, Roberto Duran y AIDS (1972-89)
Many of us dream of celebrity sports fame, but only cruel individuals ...
Stories You Should Know: The Marichal Incident
John Roseboro was a really good player. A key element on the ...
Bet365 Promo
Tommy Morrison and AIDS: The Truth about what happened, and how he Died.
Tommy Morrison burst onto the professional boxing scene in 1988. Following a ...
Indiana Basketball Weekly
Welcome to Indiana Basketball Weekly, your dedicated podcast for all things Indiana ...
MGM’s Last Vegas casinos struggle with ongoing cybersecurity challenge
MGM’s Las Vegas casinos are grappling with an ongoing “cybersecurity issue” that ...
Come Fly with me: How the 1988-89 Chicago Bulls pushed forward to an NBA dynasty.
Find the best sportsbook to bet on the NBA Playoffs! Prologue: By ...
Card Subject to Change: Previewing a Women’s Boxing December to Remember
Christmas will come early for fans of women’s boxing with a plethora ...
Grading every NFL team’s picks from the 2021 NFL Draft
Quickly, click away if you’re going to get upset by reading draft ...
Ranking the top 200 players in the NFL ahead of the 2021 season
This list isn’t based solely on performances from the 2020 NFL season. ...
Top 100 NFL free agents entering the 2021 offseason
Below is a list of the top 100 free agents available this ...
Latest News
Top 10 MLB Players of the 1970s
This, to me, was the Golden Age for ...
The 10 Most Elusive Open-Field Runners in NFL History
Return men are not included on this list. ...
What if Vida Blue had Played for the Reds in 1978? Finley and Kuhn Oil and Water
Midseason each year, Major League Baseball teams swap ...
The case for putting Marty Schottenheimer in the Hall of Fame
Sadly, Marty Schottenheimer died at a hospice facility because ...
Our Latest YouTube Videos
Video: NFL Weekly Pick'em Show: Divisional Playoffs
NFL Weekly Pick'em Show: Divisional Playoffs
Video: NCAA Championship Game Preview: Purdue vs UCONN *Upset Special*?
NCAA Championship Game Preview: Purdue vs UCONN *Upset Special*?
Video: NHL Playoff series Preview: Florida Panthers vs New York Rangers
NHL Playoff series Preview: Florida Panthers vs New York Rangers
Top Betting Sites
Top Betting Bonuses
Bet365
Bet365
Bet365 Review
4.7/5
BetMGM
BetMGM
BetMGM Review
4.7/5
FanDuel
FanDuel
FanDuel Review
4.6/5
Caesars
Caesars
Caesars Review
4.5/5
DraftKings
DraftKings
DraftKings Review
4.5/5
Bet365
Bet365 Bonus
First Bet Safety Net up to $1000 OR Bet $5 and Get $150
T&Cs apply
4.7/5
At bet365 we don't do ordinary, that's why if you sign up now you'll get the choice of two great New Customer Offers, the First Bet Safety Net up to $1000 or Bet $5 and Get $150 in Bonus Bets. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply. Gambling Problem? Call 1-800-Gambler 21+
BetMGM
BetMGM Bonus
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
T&Cs apply
4.7/5
FanDuel
FanDuel Bonus
Bet $5 Get $150 in Bonus Bets if your bet wins
T&Cs apply
4.6/5
Caesars
Caesars Bonus
100% up to $1000
T&Cs apply
4.5/5
DraftKings
DraftKings Bonus
20% up to $1000
T&Cs apply
4.5/5
Our Team
Mike GoodpasterJosh SchwartzSimon BriffaMark LewisSamuel Teets
Mike Goodpaster
Mike Goodpaster
Chief Editor
Josh Schwartz
Josh Schwartz
Editor
Simon Briffa
Simon Briffa
Sports Editor
Mark Lewis
Mark Lewis
Editor
Samuel Teets
Samuel Teets
US Sports Veteran
Find out what the legends have to say about sports this week....
Find out what the legends have to say about sports this week....

21+ and present in VA. Gambling Problem? Call 1-800-GAMBLER.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

×
Your Promo Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Play now