Cybersecurity Experts Warn about Dangers of Security Breaches

Last month, two of the largest gambling operators on the Las Vegas Strip, MGM Resorts International and Caesars Entertainment, became the victims of unprecedented cyberattacks. While Caesars may have paid a ransom in light of the attack, MGM Resorts did not, which temporarily impacted its operations back in September. At the time, a cybersecurity expert estimated that MGM may be losing millions per day due to the unprecedented attack.

Now, a new report reveals that cybersecurity experts alarm about the increasing danger of cyberattacks, claiming that nobody is safe. As announced by the Nevada Independent, the cybersecurity consultant from the University of Phoenix College of Business and Information Technology, Stephanie Benoit-Kurtz, warned that recently, ransoms related to cyberattacks have been growing. She confirmed that only a few years ago, the required ransoms were significantly smaller.

Benoit-Kurtz explained that current ransoms in light of cyberattacks are in tens of millions, such as $20 million, $30 million or in some cases a staggering $50 million. The expert unveiled that more cybercriminals are targeting the gaming sector, considering their cash flow and the possibility of paying millions in ransom.

At the same time, Benoit-Kurtz said that paying a ransom doesn’t automatically close the issue as the attackers may sell stolen data to other individuals. “Organized groups have started to do hacking as a service where they’re gaining credentials or gaining certain things. They’re monetizing it by selling it to another group,” she explained.

Nobody Is Safe

During a recent cybersecurity webinar, the SVP of Bulletproof, a leading cybersecurity company owned by Gaming Laboratories International, Gus Fritschie, spoke about the dangers of hackers’ attacks. According to him, companies need to invest more in cybersecurity education and training for their employees. “It needs to be a constant battle every day to try and stay ahead of the adversary,” explained Fritschie.

While many companies go above and beyond when it comes to cybersecurity, there are no guarantees whatsoever. “It just goes to show you that anybody is vulnerable,” warned the cybersecurity expert. Fritschie said that despite enhanced and robust efforts by cybersecurity companies, it is oftentimes the “weakest link” that may crack and lead to data leaks.

By now, most of MGM’s operations have recovered from the devastating cyberattack. The company recently confirmed that it is ready to operate normally, although different reports claimed that a minor part of its systems may still be affected.

It is believed that a group identified under an alias UNC3944 or Scattered Spider, may be behind the recent cyberattacks against Caesars and MGM Resorts. Reports claimed last month that Caesars paid off the attackers, something that was carefully addressed by the company in an SEC filing. “We have taken steps to ensure that the stolen data is deleted by the unauthorized actor, although we cannot guarantee this result,” the company wrote in its SEC filing but did not disclose what those steps included and whether or not a ransom was paid.