MGM Resorts Loses $ 100 Million After Cyberattack, Rejects Ransom Demand
Kate Marshal
09 October 2023
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MGM Resorts has revealed new details about the fallout of a massive cyberattack that hit them in September.
The gambling giant said in a document released on October 5th that the hack cost them about $100 million in lost revenue.
MGM also said that it will spend about $10 million on costs related to the hack, such as legal and technical fees.
But a source close to the situation said that the gambling company could have avoided all this if they had paid a ransom (like Caesars Entertainment did, for only $15 million) to keep their networks and customer data safe.
However, MGM’s bosses decided to reject the hackers’ demand.
As a result, not only did they lose the $100 million, but they also had a huge leak of personal information about MGM Resorts customers who had used their services before March 2019. This was confirmed by MGM’s CEO, William Hornbuckle. But Hornbuckle claimed that customers’ banking data was secure, and the stolen information mainly included names, birthdates, and driver’s license details.
Earlier, it was reported that MGM Resorts lost between $4.2 and $8.4 million per day during the cyberattack.
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