Cyber Attack In Las Vegas Terrorizes MGM Grand
The famous MGM Grand Hotel & Casino suffered a cyberattack that took down the casino's gaming and payment systems. “The City of Sin” is no stranger to these situations and since the inconvenience, the casino has suffered the consequences of not having proper cybersecurity measures.
Are Cyber Attacks In Las Vegas a Common Occurrence?
World-class casinos such as the MGM, Caeser's Palace, and Cosmopolitan have suffered from cyberattacks in the past. Annoyed customers, revenue loss, and damaged reputations are just some of the consequences of failing to prevent and mitigate cyberattacks.
On September 12, 2023, the MGM Grand Hotel & Casino became a victim of another cyber-attack. Restaurants only taking cash, nonfunctional slot machines, closed sportsbooks, and stressed employees became the norm for the famous establishment. According to multiple MGM guests, even the check-in process became a hassle because employees had to do everything by hand.
Websites and reservation sites were down for days. This inconvenience forced the staff to refer to third-party websites to make reservations.
The MGM Grand provided the following statement regarding the cyber-attack: “Our investigation is ongoing, and we are working diligently to resolve the matter, the company will continue to implement measures to secure its business operations and take additional steps as appropriate.”
How Did This Targeted Cyber Attacks in Las Vegas Affect the MGM Grand?
After the cyberattack, MGM Grand market shares were down 1% soon after. And by Friday of the attack, MGM Grand shares dropped over 4%. According to Moody Investors, a credit research, analysis, and investment firm, the attack had a negative impact on MGM Grand's operation due to remediation costs, revenue losses while the systems were down, and reputational risk.
Other analysts pointed out that the casino lost from 4.2 to 8 million dollars of revenue every day due to the cyberattack.
What Vulnerability Caused This Cyberattack?
Investigations indicate that the vulnerability that hackers exploited to carry on the MGM cyberattack was patching inconsistency. The groups that conducted the attack are known as APLHV and Scattered Spiders and they’ve been attacking multiple companies since August.
ALPHV, the financially motivated hacking group, boldly claimed responsibility for the MGM hack on their website. In a warning to MGM, they threatened additional attacks unless a deal was reached.
New evidence suggests that Scattered Spider and ALPHV have joined forces in their latest hacking endeavors. According to security analysts, these two groups are closely connected, almost like business partners or associates.
What Can We Learn from This Cyberattack?
In cybersecurity, even the slightest mistake can result in a catastrophic outcome. In this case, something as simple as neglecting patches resulted in millions of dollars in lost revenue and irreparable damage to MGM Grand's credibility.
Hackers are always on the lookout for unattended systems and vulnerabilities. There is no going back from technology dependence, that’s why having qualified experts who can maintain, support, and supervise your systems is crucial to ensure your organization and clients' wellbeing.
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