Title: MGM Resorts International Loses $100 Million in Recent Cyberattack
MGM Resorts International, the renowned hotel and casino company, fell victim to a devastating cyberattack last month. The company confirmed that it did not pay a ransom to the attackers, but the incident resulted in significant financial losses and disruptions to its operations.
The cyberattack forced MGM to shut down systems across several of its hotels and casinos, leaving customers experiencing delays in checking into their rooms. The breach also led to the theft of customer data, including names, contact information, date of birth, and driver’s license numbers. A limited number of customers had their social security numbers and passport numbers compromised as well.
While MGM did not disclose the exact number of affected individuals, it clarified that the breach impacted customers who had conducted transactions with the company before March 2019. Fortunately, passwords, bank account numbers, and card details were not believed to have been stolen in the attack.
To address the situation, MGM is actively notifying affected customers through email and offering complimentary credit monitoring and identity theft protection services. The company has made strides in restoring its guest-facing systems, and its domestic operations are now back to normal.
However, the financial toll of the cyberattack is estimated to reach a staggering $100 million for MGM. The expenses include costs associated with technology consulting services, legal fees, and other incident-related expenses, which totaled less than $10 million.
Despite the significant losses incurred, MGM has remained resilient in its commitment to providing security for its customers and protecting their personal information. The company’s response has been prompt and comprehensive, with steps taken to mitigate further damage and offer assistance to those affected.
As threats of cybercrime continue to loom large, incidents like these serve as a reminder for organizations to enhance their cybersecurity measures. While MGM has taken steps to recover from the attack, the repercussions of such incidents can be extensive, both financially and in terms of customer trust.
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