© Reuters.
In a recent cyberattack on MGM Resorts (NYSE:) International, the company is expected to bear costs of approximately $100 million, primarily impacting its third quarter results. This update was reported by the Wall Street Journal on Thursday.
The attack exposed customer data, including personal details and limited Social Security and passport numbers. However, no bank or payment-card information was disclosed in the breach. MGM Resorts has assured that the affected customers will receive email notifications and identity protection.
Despite the disruptions to online bookings due to the cyberattack, MGM’s cybersecurity insurance is expected to cover these costs. The event is not anticipated to significantly impact the company’s annual financial condition.
In contrast to Caesars (NASDAQ:) Entertainment Inc., which paid a ransom after a similar cyberattack, MGM Resorts has refused any such payment. This decision underscores MGM’s commitment to not negotiate with cybercriminals.
It’s worth noting that other companies have also been victimized by similar cybersecurity attacks recently. Clorox (NYSE:) Co., for example, had to cut its outlook due to a cyberattack over the summer.
While these incidents underscore the increasing threat of cybercrime for businesses globally, MGM’s handling of the situation demonstrates its preparedness and resilience in managing such risks.
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