Caesars and MGM hacks increase casino operators' interest in cybersecurity
A growing number of casino operators are looking to bolster their cybersecurity platforms after two competitors, Caesars Entertainment Corp. and MGM Resorts International, fell victim to ransomware attacks.
These incidents, one of which forced Caesars to pay bad actors, as well as the ongoing attack on MGM's database, highlight the travel and leisure industry's cybersecurity vulnerabilities and the need for the industry to take preventive measures.
In light of last week's events, there is growing interest in Waterfall from major institutions. "We saw the same thing after the attack on the Colonial Pipeline, which resulted in sweeping new regulations from the Transportation Security Administration," Lior Frenkel, CEO of Waterfall Security Solutions, said in comments.
Founded in 2007, Waterfall holds 14 patents. It is an industry-level network security solutions provider.
Contact Casino Operator Waterfall
Frankel did not mention the companies by name. However, he noted that more gaming companies, including those "with operations in the United States and the Far East," have contacted Waterfall in the wake of the Caesars and MGM ransomware attacks.
This makes sense because ransomware incidents can have financial consequences. While Caesars did not disclose the amount paid by one of its insurance companies to the hacking group, it is rumored to be between $15 million and $30 million. For its part, MGM could lose up to $84 million in revenue due to the ongoing data breach that began on September 10.
"Other risks to MGM include the potential loss of revenue in the event of a system failure, reputational risk and any direct costs associated with investigation and remediation. Litigation or liability costs, if any, that the company may incur as a result of the data breach will also pose a risk," Moody's Investors Service said.
Frenkel noted that gaming faces the same cyber challenges as other industries, including fixing vulnerabilities before they harm the company.
Waterfall CEO said: “When it comes to improving security, casinos, like many other industries, need to increase awareness of their vulnerabilities, strengthen network segmentation, restrict access controls, and strengthen patching and updating practices, especially for remote access. "
Casino operators face unique cybersecurity challenges
All industries struggle with cybersecurity threats, but these issues are even more pronounced in the gaming sector, where casino operators must protect large amounts of sensitive consumer data. This alone makes casinos a prime target for hackers.
On top of this, land-based casinos are increasingly reliant on internet connections to perform seemingly mundane tasks such as elevators, heating and cooling, and the need for enhanced cyber defenses is growing. This is critical as cybercriminals will not back down and will continue to increase their technical proficiency.
“Today, criminal gangs carry out attacks using tools and techniques previously used at the national level,” Frenkel concluded. "These criminal organizations use the nation-state approach to attack everyone with money, as opposed to nation-states."
Read also:
- Football 101: What is relegation in football?
- Philippines president wants country removed from money laundering gray list
- Race planners had no idea it would be cold in Las Vegas: Ex-F1 director
- Arrest arrested in violent knife attack at Montana casino
Source: www.casino.org
