Caesars, MGM Hacks Spur Uptick in Cybersecurity Interest by Casino Operators
After seeing 2 of their rivals — Caesars Entertainment and MGM Resorts International — victimized in ransomware attacks, more casino operators are sounding to shore upwardly their cybersecurity platforms.
Those events — unity of which compelled Caesars to pay the defective actors and the on-going round on MGM’s database — high spot the cybersecurity vulnerabilities of the jaunt and leisure time manufacture and the demand for that segment to comprehend preventative measures.
In visible radiation of cobbler's last week’s incidents, Waterfall is seeing an increment inward interest group from major facilities. We saw the same after the snipe on Colonial Pipeline, an assail that led to wholesale new regulations from the Transportation Security Agency,” said Waterfall Security Solutions CEO Lior Frenkel inward comments made to Casino.org.
Founded in 2007 and the holder of 14 patents, Waterfall is a provider industry-level cybersecurity solutions.
Casino Operators Contacting Waterfall
Frenkel didn’t place the companies by name, but he noted that in the backwash of the Caesars and MGM ransomware attacks, to a greater extent gaming companies, including those with “operations inward the United States and the Far East,” experience been inward stir with Waterfall.
That makes sentiency because thither are financial consequences to ransomware events. While Caesars hasn’t disclosed the exact amount ane of its insurance carriers paid to a hacking group, it’s rumored to follow $15 million to $30 million. For its part, MGM may feature lost as much as $84 million in revenue due to an ongoing information breach that started on Sept. 10.
“Additional risks to MGM include potential revenue losses while systems were down, reputational risk and any verbatim costs related to investigation and remediation. Litigation expense or liability that the accompany may get because of compromised data, to the extent there is any, is also a risk,” according to Moody’s Investors Service.
Frenkel noted that gaming faces some of the same cyber challenges as other industries, including the demand to turn to vulnerabilities before those weaknesses are turned against a company.
“In terms of improving security, casinos, same many other industries, need to increment knowingness of their vulnerabilities, strengthen network segmentation, limit point access code control, and strengthen practices around patching and updates, and especially remote access,” said the Waterfall CEO.
Casino Operators Face Unique Cybersecurity Challenges
All industries are grappling with cybersecurity threats, but those issues are pronounced inward gaming due to the monumental amounts of tender consumer data casino operators are tasked with guarding. Alone, that makes casinos prime of life targets for hackers.
Throw inward the point that land-based casinos increasingly depend on net connectivity to power seemingly mundane tasks, such as elevators and warming and cooling, and the demand to bolster cyber defenses grows. That’s life-sustaining because cyber criminals aren’t relenting and will preserve upping their technology proficiency.
“Today, malefactor groups are using what used to be nation-stage tools and techniques to pack come out their attacks,” concludes Frenkel. “And unlike country states, these criminal organizations lead after everyone with money, using these nation-state approaches.”
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