Cyberattack At MGM Resorts Expected To Cost Casino Giant USD 100 Million

by Technology 09 October 2023

Cyberattack At MGM Resorts Expected To Cost Casino Giant USD 100 Million

The cybersecurity attack that happened at MGM Resorts in the previous month is estimated to cost the casino house more than one hundred million dollars, as the Las Vegas company said in a regulatory filing on Thursday. The attack, which was found on 10 September, led to MGM shutting down some of their casinos’ and hotels’ computer systems at their properties all across the United States to protect their data.

MGM had said, “Reservations and casino floors in Las Vegas and other states were affected – as customers shared stories on social media about not being able to make credit card transactions, obtain money from cash machines, or enter hotel rooms.” The company had also announced the end of its computer shutdown, which extended for ten days till 20 September.

“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,” the CEO of MGM, Bill Hornbuckle, said to the customers in a letter on Thursday. “We also believe that this attack is contained.”

Hornbuckle also added that “no customer bank account numbers or payment card information was compromised in the incident.”

However, the hackers successfully stole other information, which included names, personal information, driver’s license numbers, passport numbers, and Social Security numbers belonging to certain customers who conducted business with MGM before March 2019, he added.

MGM lacks evidence that the criminals have actually used the data to commit fraud of any kind or identity theft. “We regret this outcome and sincerely apologize to those impacted,” Hornbuckle further said.

The company also noted that they would reach out to the customers who were impacted by this crime via their emails and provide identity protection for free and credit the monitoring services. While filing with the Securities and Exchange Commission, MGM said that they “believe that September’s cybersecurity attack will have a negative impact on its third-quarter financial results, particularly in Las Vegas – but minimal impact in the fourth quarter and operational results for the year.”

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