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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

#31

> 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 for producing a document lying about pentesting.)

Re: MGM losing up to $8.4M a day due to cyberattack, analyist says

#32

This 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.

Merchants provide a value to society and pirates harm that. The thieves are providing a value to society in this case by damaging casinos, which provide no value to society and only harm citizens.

Depends on what the merchant is selling, I reckon.

Re: MGM losing up to $8.4M a day due to cyberattack, analyist says

#34

I 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.

> I never like it when writers use the word "lose" to describe money not earned.

What the difference between not earning $8M and earning $8M and losing it?

Bank account looks pretty similar.

Re: MGM losing up to $8.4M a day due to cyberattack, analyist says

#36

This 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.

Cyber privateering was mentioned like 10-12 years ago. Someone had a blog or similar referring to the 'Morgan doctrine'.

Edit: I found it. It looks more professionally edited and lengthy than when I first came across it in 2010(!).

Link: https://www.themorgandoctrine.com/2010/11/draft-01-cyber-pri...

The Cyber Privateer Code (draft 02—updated on 6/28/2013): - Any unauthorized attempt to access your computer or phish your data access privileges constitutes a crime punishable by the looting of the attacker's assets by an authorized cyber privateer. All assets. Within 6 months of the attack.

- If it is determined that the attacker is acting under explicit instructions from a larger organization or government, the assets of that organization or government are also forfeit to the extent that an authorized cyber privateer may confiscate them within a six month period of the original motivating attack. All assets.

- The individual whose assets were seized by a cyber privateer—or the publicly and legally designated spokesperson for the organization or government whose assets were seized by the cyber privateer—has the "right of parley" with the head of the cyber privateering organization, such meeting to take place online in a two-way video conference, such conference to be publicly recorded by one or both parties and before the disposition of the booty but no later than 10 days from the confiscation.

- Innocent victims whose assets are directly and mistakenly confiscated by cyber privateers (and whose funds are not returned within 10-days after the parley) shall be compensated in an amount equal to four times their loss, with interest accruing on the restitution amount at the rate of twelve percent per annum. This does not include victims of the cyber criminals, since they were already victimized.

- Notifications and requests for parley must be unambiguously left by the cyber privateer so as to allow the right of parley to be exercised in a timely fashion.

*These rules would of course lead to the worlds end in any significant conflict, imo. But it would certainly be fun for a minute.

Re: MGM losing up to $8.4M a day due to cyberattack, analyist says

#37

I 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 salary was cut 20% next year, would you think you were not losing money because you had not yet earned it?

Re: MGM losing up to $8.4M a day due to cyberattack, analyist says

#38

This 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

Re: MGM losing up to $8.4M a day due to cyberattack, analyist says

#39
How 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?
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