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It is difficult to point any fingers in both the MGM and Caesars hacks. Hacks that if proven correct originated from a social engineering and third party suppliers. Hacks that crippled a $15bn revenue organisation and may have cost another $10mns to recover encryption keys. Hacks that may have been perpetrated by a group of young hackers and resulted in a ‘credit negative’ from Moody’s.
For may public firms the ‘honeymoon period’ for cybersecurity risk compliance is over. Worst still is the gap that many firms have to cross to compliance is large. If not to large for them to cross between now and when the SEC ruling applies in December 2023, and still maybe significant for entities covered under EU NIS 2 or DORA.
Given MGMs revenues and dependence on technology one hopes they had a mature cyber program. With some reports saying that all the hackers had to do was “hop on LinkedIn, find an employee, then call the Help Desk. A company valued at $33,900,000,000 was defeated by a 10-minute conversation.†it demonstrates how easily a compromise can occur and how difficult it can be to manage.
How other registrants fair from December 2023 will be one to watch.
Ted Dziekanowski Rachel V. Rose, JD, MBA Bob Dix
#cybersecurity #cyberriskmanagement #cyberregulation #mgmresorts
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