People are saving up to $8.4M a day due to cyberattack, and gambling addicts are being spared, analysts say
Yep. They definitely can’t walk down the street to another casino to make poor decisions.
MGM losing up to $8.4M a day due to cyberattack, analyist says
41–50 of 111 posts
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#42This really feels like 1650's nautical piracy. Someone outside the reach of the law of the targeted country's merchants, making tons of money by theft and ransom. And like the pirates of old, often supported by the host nation so long as their attacks disrupt the activities of rivals nations' merchants.
God damn them all, I was told / we'd abuse the C's for American gold...
We'd file no bugs / thread no peers...
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#43This really feels like 1650's nautical piracy. Someone outside the reach of the law of the targeted country's merchants, making tons of money by theft and ransom. And like the pirates of old, often supported by the host nation so long as their attacks disrupt the activities of rivals nations' merchants.
It never stopped, and the US is one of the worst offenders Check out War is a Racket, by US general Smedley Butler Also the Snowden documents and the whole Asange/Wikileaks case
The "World's Policeman" thesis really fell flat.
There is an urgent need to have effective international law-enforcement and justice.
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#44MGM is smart for not paying.
You can't let the scammers dictate what a casino does, MGM is already in the business of scamming people. They'll build their whole system from the ground up and be incredibly resistant to future attacks.
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#45This really feels like 1650's nautical piracy. Someone outside the reach of the law of the targeted country's merchants, making tons of money by theft and ransom. And like the pirates of old, often supported by the host nation so long as their attacks disrupt the activities of rivals nations' merchants.
It never stopped, and the US is one of the worst offenders Check out War is a Racket, by US general Smedley Butler Also the Snowden documents and the whole Asange/Wikileaks case
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Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#46I 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.
You're getting a lot of comments to the contrary, but I agree with you.
There is a difference between losing money (like someone is actually stealing the money) and not getting money you were hoping/expecting to get. In this context it can even be a little bit confusing since there are criminals involved that could actually be stealing money.
Language has lots of ambiguities and despite this being a common way of describing this situation, I don't like it. Some people don't like the word "moist" either and that's just fine. It's an opinion.
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#47I'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?
> Many companies underestimate threats until something like this happens
Speaking from my experience, many don't understand the threats even after an incident. The reaction is often to add 'more security' under any name. More restrictive policies, more scanning, more layers of MFA - just blindly layering on things because it's seen as 'more secure' without properly understanding how it affects risk is an awful approach to managing security.
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#48I 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.
If your employer gives you 2 weeks notice of employment termination, did you lose your job?
After all, it only applies to future payroll periods.
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#49How is it even possible for all aspects of such a massive enterprise to all share a single point of failure like that? And why can't they just cut their losses on the past N days of business, restore all these servers from snapshots and get back to business?
Often the attackers wait until the retention policy for backups has been hit before unleashing the payload of ransomware.
This way, even if you have a snapshot from 7 days ago, it's also infected.
Or even worse they have physical access to the backup server/storage and just delete backups infect them as well.
Re: MGM losing up to $8.4M a day due to cyberattack, analyist says
#50> Katz told investors in his Thursday and Sunday reports that damages from the cyberattack at MGM would be claimed against insurance, but it’s unclear just how much would be covered. I'm curious to see how this plays out. After all, if MGM is audited and found to have been negligent, would insurance pay out at all?
Presumably the insurance requires a security audit (yearly?) in order to get in the first place? As long as the auditors OK'd it then the insurance should pay out. Unless they can show that MGM intentionally lied in the information they gave the auditors -- which will surely now be gone through with a fine-toothed comb. (See that HN thread from a couple of days ago wondering if they were personally liable for fraud f…
The audits you get for something like SOC2 are quite weak, I'm very curious to learn if the insurance team's audit is more thorough (if they perform one).