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A concise SEC Form 8-K filing by MGM Resorts international (NYSE: MGM) relating to its recent public cyber attack. While it is only speculation, one wonders what the filling would look like from December 2023. The attack may not create a financially material impact on MGM, but the effect on brand, reputation, customers, suppliers, legal, regulatory and market risks could be material or likely material considerations for a reasonable investor.
Going forward one wonders the reaction of markets and the questions, investors will raise of a registrants cybersecurity risk management going forward? Moody’s warned that the MGM cyberattack highlighted ‘key risks’ to its operations and could could negatively affect the companies credit rating. A clear statement from one corner of the markets and one likely to be used by reasonable investors to question the companies cyber risk management posture. Maybe resulting in legal action, legal action that may not be covered by insurance as policies are re-written from December 2023.
Ted Dziekanowski Rachel V. Rose, JD, MBA Bob Dix
#cybersecurity #cyberriskmanagement #cyberregulation.
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