MGM Resorts International, a major player in the global casino industry, has fallen victim to a cyberattack orchestrated by the infamous “Scattered Spider” hacker group, according to four individuals with knowledge of the incident. The attack mirrors a recent strike on Caesars Entertainment Inc., indicating a growing trend of coordinated cyber threats targeting the gaming sector.
Sources reveal that the clandestine hackers, operating under the cryptic moniker “Scattered Spider,” initiated the cyberattack on MGM Resorts International and subsequently demanded a ransom in exchange for sensitive data. While the precise ransom amount remains undisclosed, two insiders confirmed the extortion attempt, sparking concerns about whether the attackers deployed ransomware to compromise the casino giant’s data infrastructure.
Despite repeated attempts to seek comments from MGM Resorts International regarding the cyberattack, the company has remained tight-lipped, only acknowledging the ongoing investigation into the breach. However, in a press statement released on Tuesday, MGM emphasized its commitment to bolstering cybersecurity measures to safeguard its core business operations.
In the aftermath of the attack, MGM Resorts International experienced a marginal decline in its stock price, with shares slipping 1.2% to $41.47 on Wednesday. The incident has raised significant questions about the company’s overall security posture and potential impacts on its financial stability.
The Scattered Spider hacker group, believed to comprise members based in both the United States and the United Kingdom, includes individuals as young as 19 years old. The group first came to public attention when Mandiant Inc., a division of Google Cloud, encountered them in 2022. Charles Carmakal, Mandiant’s Chief Technical Officer, characterized Scattered Spider as “one of the most pervasive and aggressive threat actors currently targeting U.S. organizations.”
The FBI also issued a public warning about Scattered Spider in April of the same year, highlighting their practice of leasing ransomware software to other entities, leading to a global compromise of over 60 organizations. Notably, the group is renowned for executing SIM swaps for cellphones, also known as social engineering attacks. These tactics involve phishing attacks to pilfer data from unsuspecting victims and then demand ransoms. However, Scattered Spider has recently shifted its focus towards the theft of sensitive data to exert control over its victims.
The MGM cyberattack underscores the critical importance of cybersecurity in today’s increasingly interconnected world. As hacker groups like Scattered Spider continue to refine their techniques and grow in sophistication, the potential consequences for organizations and individuals alike become more severe. It is imperative for businesses to fortify their security measures to safeguard their networks and sensitive data.
The incident serves as a poignant reminder that cyberattacks on organizations have become one of the most pressing threats in the modern digital landscape. High-profile cases like the MGM hack illustrate how these attacks can escalate if not adequately addressed. It is crucial for both private enterprises and government entities to take these incidents seriously and implement robust security measures to prevent large-scale data breaches from occurring.
Source: Bloomberg
