Too Rich To Ransomware? MGM Brushes Off $100M in Losses
MGM wins big bet that days of operations outages is better business than paying a ransom, following last month's data breach.
Ransomware encrypts or steals data to disrupt operations and extort victims, making backups, access controls, and incident response essential.
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Background for this topic.
Ransomware is malware used to deny access to systems or data, usually by encrypting files and demanding payment for decryption. Many operations also steal sensitive information and threaten to publish it, so an attack can create both an availability crisis and a privacy or disclosure risk. Initial access may involve phishing, stolen credentials, exposed remote services, or exploitation of unpatched vulnerabilities; attackers may then move through the network before deploying the payload.
Defenses should combine vulnerability management, phishing-resistant authentication where practical, endpoint and network monitoring, and backups that are isolated from routine administrator access and regularly tested for recovery. Organizations should also limit privileges and segment critical systems to reduce the blast radius. An incident requires rapid containment, preservation of forensic evidence, restoration from known-good backups, and assessment of notification, legal, and regulatory obligations. Threat intelligence can help identify relevant criminal infrastructure or tactics, but it does not replace sound access control, patching, detection, and recovery practices.
MGM wins big bet that days of operations outages is better business than paying a ransom, following last month's data breach.
A literal seven-nation (cyber) army wasn't enough to hold back the famous initial access broker (IAB) for long — it's been chugging along, spreading ransomware, despite a massive takedown in August.
Combining robust decryption and orchestration of encrypted traffic with threat prevention is crucial to staying ahead of attackers.
Once they compromise an victim with an initial ransomware attack, threat actors are ready to deploy a secondary attack with a different strain, which could leave even more damage.