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In September, ransomware attacked a hotel and entertainment chain, which turned out to be a tough nut to crack.
In September of this year, MGM Resorts, a hotel and entertainment company, was subjected to a ransomware attack. Unlike the casino chain Caesars Entertainment, which suffered from the actions of the same groups, the management decided not to enter into negotiations with intruders and not to pay a ransom. According to the latest data from the report of the Securities and Exchange Commission (SEC), the decision was a win.
Caesars Entertainment had to pay $ 15 million to restore operations in a few days. It took MGM more than a week.
It is known that MGM's losses amounted to about $ 100 million. At first glance, the amount seems large, but the company notes that this will have a slight impact on the indicators for the third quarter and should not affect the results of the fourth. For comparison, MGM's second-quarter revenue was almost $ 4 billion, compared with $ 2.1 billion from Las Vegas locations alone.
In November, MGM will be racing Formula 1 on the Las Vegas Strip, which is expected to significantly increase its profits and partially cover the losses.
Experts insist that paying the ransom does not guarantee full recovery of data and internal systems. "Paying the ransom means supporting the evolution and spread of ransomware," says Ann Cutler of Keeper Security. It supports MGM's solution, which "meets all the recommendations of cybersecurity professionals, government and law enforcement agencies."
According to Bud Broomhead, CEO of Viakoo, what matters is not how much financial resources the company has, but how resilient it is to attacks. Large organizations can afford to cover their costs, but that doesn't make them invulnerable. "MGM may have spent a lot of money on backup and recovery, but now, thanks to this incident, they can identify their weaknesses so that they can be more prepared next time."
Experts advise large firms to invest in cybersecurity regularly. Omri Weinberg, co-founder of DoControl, recalls that attackers are constantly improving their methods, and this is an "endless game".
"MGM deserves credit for refusing to pay the ransom; we hope that their example will inspire other companies and help them focus on business safety and sustainability," Broomhead adds.
In September of this year, MGM Resorts, a hotel and entertainment company, was subjected to a ransomware attack. Unlike the casino chain Caesars Entertainment, which suffered from the actions of the same groups, the management decided not to enter into negotiations with intruders and not to pay a ransom. According to the latest data from the report of the Securities and Exchange Commission (SEC), the decision was a win.
Caesars Entertainment had to pay $ 15 million to restore operations in a few days. It took MGM more than a week.
It is known that MGM's losses amounted to about $ 100 million. At first glance, the amount seems large, but the company notes that this will have a slight impact on the indicators for the third quarter and should not affect the results of the fourth. For comparison, MGM's second-quarter revenue was almost $ 4 billion, compared with $ 2.1 billion from Las Vegas locations alone.
In November, MGM will be racing Formula 1 on the Las Vegas Strip, which is expected to significantly increase its profits and partially cover the losses.
Experts insist that paying the ransom does not guarantee full recovery of data and internal systems. "Paying the ransom means supporting the evolution and spread of ransomware," says Ann Cutler of Keeper Security. It supports MGM's solution, which "meets all the recommendations of cybersecurity professionals, government and law enforcement agencies."
According to Bud Broomhead, CEO of Viakoo, what matters is not how much financial resources the company has, but how resilient it is to attacks. Large organizations can afford to cover their costs, but that doesn't make them invulnerable. "MGM may have spent a lot of money on backup and recovery, but now, thanks to this incident, they can identify their weaknesses so that they can be more prepared next time."
Experts advise large firms to invest in cybersecurity regularly. Omri Weinberg, co-founder of DoControl, recalls that attackers are constantly improving their methods, and this is an "endless game".
"MGM deserves credit for refusing to pay the ransom; we hope that their example will inspire other companies and help them focus on business safety and sustainability," Broomhead adds.
