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02:24:07 pm 09/20/2023
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Two of the world's leading casino operators, Caesars Entertainment and MGM Resorts International, recently fell victim to substantial cyberattacks. Caesars Entertainment confirmed that it paid a $15 million ransom after hackers gained access to sensitive customer data, including driver's licenses and Social Security numbers.
In an SEC filing dated September 14, Caesars Entertainment revealed that they discovered the security breach on September 7. The hackers had obtained a copy of the company's loyalty program database, known as Caesars Rewards, which holds information on over 65 million members. The database includes sensitive data such as driver's license numbers and Social Security numbers for a significant portion of its members. Caesars Rewards is linked to ten of the company's Las Vegas properties, including Caesars Palace and Planet Hollywood Resort and Casino.
Initially, the cybercriminals demanded a $30 million ransom, but after negotiations, Caesars Entertainment agreed to pay $15 million. Despite the FBI's advice against paying ransoms, the company proceeded with the payment. Caesars Entertainment is now offering credit monitoring and identity theft protection services to its loyalty program members. Although the company has taken measures to ensure the deletion of the stolen data, they cannot guarantee its complete removal.
Financially, Caesars Entertainment does not expect a significant impact, although its share price has dropped by over $5 since the beginning of September.
MGM Resorts International, another major player on the Las Vegas Strip, also confirmed that it was targeted by cyberattacks. In a press release and SEC filing on September 12, MGM stated that they had "recently identified a cybersecurity issue." The company owns several high-profile Las Vegas hotels, including the Bellagio and Mandalay Bay. Since the news broke, MGM's share price has also declined by over $5.
David Bradbury, Chief Security Officer at identity management firm Okta, informed Reuters that both Caesars and MGM were targeted by hacking groups known as ALPHV and Scattered Spider.
In an SEC filing dated September 14, Caesars Entertainment revealed that they discovered the security breach on September 7. The hackers had obtained a copy of the company's loyalty program database, known as Caesars Rewards, which holds information on over 65 million members. The database includes sensitive data such as driver's license numbers and Social Security numbers for a significant portion of its members. Caesars Rewards is linked to ten of the company's Las Vegas properties, including Caesars Palace and Planet Hollywood Resort and Casino.
Initially, the cybercriminals demanded a $30 million ransom, but after negotiations, Caesars Entertainment agreed to pay $15 million. Despite the FBI's advice against paying ransoms, the company proceeded with the payment. Caesars Entertainment is now offering credit monitoring and identity theft protection services to its loyalty program members. Although the company has taken measures to ensure the deletion of the stolen data, they cannot guarantee its complete removal.
Financially, Caesars Entertainment does not expect a significant impact, although its share price has dropped by over $5 since the beginning of September.
MGM Resorts International, another major player on the Las Vegas Strip, also confirmed that it was targeted by cyberattacks. In a press release and SEC filing on September 12, MGM stated that they had "recently identified a cybersecurity issue." The company owns several high-profile Las Vegas hotels, including the Bellagio and Mandalay Bay. Since the news broke, MGM's share price has also declined by over $5.
David Bradbury, Chief Security Officer at identity management firm Okta, informed Reuters that both Caesars and MGM were targeted by hacking groups known as ALPHV and Scattered Spider.
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