Ransomware Strikes Caesars Entertainment: Millions Paid in Cyberattack Fallout!

of businesses are closed 6 mos. after a data breach
0 %
of attacks are delivered through email
0 %
of businesses have cyber liability coverage
0 %
of cyber claims get denied due to non-compliance
0 %

Caesars Entertainment Pays Millions in Ransomware Attack 

In recent news, Caesars Entertainment had a rough encounter with a ransomware attack, causing some serious financial troubles. It’s a hot topic these days because MGM Resorts International is also dealing with its own share of cyber threats. Let’s break down what’s been happening.

So, Caesars Entertainment, known for its hotels and casinos, found itself in a bit of a digital pickle. Some of their data got snatched up by hackers in a ransomware attack. Those who spill the beans on these matters say it’s the Scattered Spider hacker group behind it all.

This mess started just before the beginning of September. Interestingly, it all began with one of Caesars Entertainment’s third-party IT buddies getting compromised and ended with the hackers walking away with tens of millions of dollars, or so they say.

To put things into perspective, Caesars Entertainment runs the show for famous brands like Caesars Palace, Eldorado, and Harrah’s. They were sitting pretty with a hefty $5.7 billion in net revenues for the first half of the year, and their net income stood at a cool $784 million. Now, you can see why this cyber-attack is making such a ruckus.

We’re expecting to see an official report about this breach soon. You know, one of those regulatory filings that spill the beans.

But here’s the kicker: MGM Resorts International also got caught in a cyber storm. They’ve been pretty hush-hush about it, but they did admit to spotting a “cybersecurity issue” that messed with some of their systems. They quickly brought in the big guns – cybersecurity experts – and got law enforcement in on the action. They even had to shut down some of their systems to keep things safe. The investigation is still going on, and they’re working around the clock to sort things out.

Now, all this fuss has got people wondering about Scattered Spider and other hacker gangs. Are they targeting big companies more often? It’s not just a tech problem; it’s hitting the stock market too. MGM Resorts International’s shares took a 1.2% hit, while Caesars Entertainment’s value dipped by 2.7%.

In today’s digital age, keeping your digital stuff safe is a big deal. These cyberattacks remind us just how crucial it is to have strong cybersecurity in place. It’s all about staying one step ahead and being prepared for anything.

So, in a nutshell, Caesars Entertainment’s recent run-in with ransomware and the ongoing cybersecurity troubles at MGM Resorts International shine a spotlight on the challenges companies face when it comes to protecting their digital treasures. Plus, it shows just how much these incidents can hurt a company’s bottom line.

Disclaimer: The information provided in this article is for educational purposes only and should not be considered as legal advice. For specific compliance concerns, please consult with a qualified legal professional.

By: Derreck Ogden


Fill out the form below and one of our expert team members will contact to you to talk about your business’s bright future in these uncertain times! 

Contact Us Today!

Your business is constantly exposed to cyber threats that could damage your reputation, compromise sensitive data, and even bring operations to a halt. Waiting to take action against these threats puts your business at a greater risk of attack. It’s time to take control of your technology infrastructure and protect your business. Don’t wait any longer to get started.

Connect with the WOM Technology Management Group today and take the necessary steps towards securing your business. Our team of experts will get back to you within one business day to begin your journey towards confidence in your technology infrastructure.

Our Confidence as a Service™ model offers a unique approach to technology optimization and cyber risk management. With our comprehensive suite of services, we can help you achieve your business goals and reduce the likelihood of cyber attacks. By working with us, you’ll have access to a team of professionals with years of experience in technology and cyber risk management.

We are excited to work with you and show you how Confidence as a Service™ can revolutionize your business technology infrastructure. Don’t hesitate any longer to make the change your business needs. Contact us now and let’s get started.

Leave a Reply

Your email address will not be published. Required fields are marked *