Earlier this year in September, MGM Resorts International faced a huge cyberattack hampering its operations for days. So what lessons businesses can learn from this?
Another major international corporation has been terrorized by cyberattacks again and this time it is MGM Resorts International. On September 5th, 2023, the company was hit by a rippling cyberattack that absolutely disrupted its operations for days. The disturbed customer service by the attack has caused the business massive damage. It is strange to think that no polished or developed AI was involved in this attack, rather the hackers used age-old techniques to get the work done. So let’s see what those lessons this huge cyberattack taught other businesses. But before moving forward let’s also take a look at the root of this issue.
Why did the cyberattack happen? How did it happen?
According to reports, the cybersecurity attack on MGM Resorts International was a social engineering attack that is the affiliate of the “Black Cat/AlphV ransomware” group. Scattered Spider or 0ktapus, who is well-known among researchers as a notable affiliate, directly told the company that they have access to MGM’s systems. Apparently, they gained this direct access by searching the employees on LinkedIn and then spoofing the IT helpdesk during a 10-minute-long conversation. This attack was timed on the weekend because this is the time when the hotels’ IT systems are in the most vulnerable position.
What are the lessons that businesses learned?
Cyber Security layers and their importance:
One of the most crucial lessons that the MGM attack has taught businesses is that they can no longer rely on one single cybersecurity practice. A single security measure is not enough to protect the company and its operations from todays sophisticated cyber-attacks. So what is necessary is adopting a more comprehensive approach to implement multiple layers for defense. This multilayer of defense can include detention systems for intrusion, stronger firewalls, and endpoint security solutions along vigorous employee training.
Regular employee training:
Another hard-learned lesson from this MGM security breach is that businesses need to give robust employee training. Employees without any better knowledge may click on malicious links, or phishing emails, or use sites with weak passwords that can help hackers gain access to the company’s systems. In the case of the MGM hacking incident, the hackers impersonated employees and made a fraudulent call to the IT helpdesk. So companies need to do regular training for employees so that they can recognize potential threats.
Security checks and updates:
With technological development, cyber threats also evolve quickly with time. So businesses need to stay proactive in order to recognize and identify weaknesses and sensitivity. So businesses must engage in regular system updates and security audits so that the company’s security and defense mechanisms can stay updated and stay capable of fighting off modern security threats.
Risk management:
MGM is not the first company in recent times to be hit with a serious ransomware attack but just before, a Las Vegas casino, Caesars Entertainment was its recent victim. The company said that an attack on its unnamed third-party IT vendor gained the hackers’ access to the customer data. So businesses need to manage the security risks that are associated with their partners, service providers, and vendors, to reduce external vulnerabilities.
With more ransomware attacks on the ground, it is time for companies to take IT and cybersecurity seriously and work rigorously to keep their operations safer.
