I'm curious if MGM fully understood their cyber risks. Many companies underestimate threats until something like this happens. After seeing MGM, if other hotels beef up security too (very likely), will overall costs for consumers go up?
MGM losing up to $8.4M a day due to cyberattack, analyist says
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Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#12I never like it when writers use the word "lose" to describe money not earned. Yeah, MGM is not earning as much as it could because of this attack. They are under pressure to settle with the attackers. Articles like this can increase that pressure. I'm glad that they aren't settling, and I'm certain that they will survive this attack.
It's a loss of income. This is a common use of the word.
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#13I never like it when writers use the word "lose" to describe money not earned. Yeah, MGM is not earning as much as it could because of this attack. They are under pressure to settle with the attackers. Articles like this can increase that pressure. I'm glad that they aren't settling, and I'm certain that they will survive this attack.
There's lots of instances where I'd agree, but this one seems like a tried and true business with years of revenue to gauge how much they are in fact "losing" on average.
I also wonder how much pressure it puts on MGM - who are no doubt very much aware of the loss (every major outage I've been on eventually comes down to how much did this cost us - whether it's money, customer attrition, customer trust etc) vs how much pressure it puts on executives following along to maybe pay attention to their IT and security teams. Pipe dream.
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#14I'm curious if MGM fully understood their cyber risks. Many companies underestimate threats until something like this happens. After seeing MGM, if other hotels beef up security too (very likely), will overall costs for consumers go up?
Security is a SG&A line item, I am sure they are far more fixated on physical security due to their business vertical and had a gap. There will be many cyber companies chomping at the bit to get a piece of the inevitable (I made this number up) 100m MGM will spend on Cybersecurity over the next 5 years.
They won't make the same mistake twice and will build a comprehensive cybersecurity program, and it will succeed. Up until someone questions this cost and they forgot what they are paying for because everything was so smooth and repeat the cycle.
The objective of security is risk identification and management, not creating an impervious barrier for potential adversaries.
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#15I never like it when writers use the word "lose" to describe money not earned. Yeah, MGM is not earning as much as it could because of this attack. They are under pressure to settle with the attackers. Articles like this can increase that pressure. I'm glad that they aren't settling, and I'm certain that they will survive this attack.
It's a loss of income. This is a common use of the word.
Well, it's a loss of projected income, which in many ways is not real.
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#16Imagine being one of the guys in charge of cybersecurity of MGM. I would dig a hole and hide.
Or they have been telling management for years that security needs to be improved and more spending is needed to do that but management declined to provide funding.
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#17Earlier quoted context omitted.
It's a loss of income. This is a common use of the word.
Well, it's a loss of projected income, which in many ways is not real.
It's not even that, it's revenue.
> MGM Resorts International could be losing between $4.2 million and $8.4 million in daily revenue
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#18Earlier quoted context omitted.
It's a loss of income. This is a common use of the word.
Well, it's a loss of projected income, which in many ways is not real.
It is just plain normal language to refer to a loss as a comparison against a current trajectory or current state. It is reasonable to assume that the reader/listener knows that the future cannot be predicted exactly, because this is generally true. This is why it isn't said explicitly.
It would be silly to correct someone who said "I just accepted a $120,000/yr job" with "you don't really know for sure, you could get fired or die". The colloquial presumption is that the rate of future income cited is dependent on a steady trajectory without confounding variables.
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#19Earlier quoted context omitted.
Well, it's a loss of projected income, which in many ways is not real.
It's not even that, it's revenue. > MGM Resorts International could be losing between $4.2 million and $8.4 million in daily revenue
Revenue is a measure of income. Unless speaking about specific types of revenue or specific types of income, they are synonymous.
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#20I suspect that's just an initial breakdown. They're estimating 4.2 to 8.4 million a day out of the 42 million they normally make, but that's just on the revenue side.
Equipment, man hours, botched projects, and lawsuits are going to push that number waaay higher, and even then I feel like it's got to be pretty low given the vast amount of money that passes through every day. On a 15% hold 42 million would work out to 280 billion of flow through the slots max (and obviously that's estimating high and assuming all revenue is from slots).
So 8 million a day is $53 billion in coin in that's not occurring? Maybe that's correct.
Doing quick napkin math so pardon any errors.