MGM's Costly Cyberattack: $100M Lost Profit and Unpaid Damages

MGM Resorts International did not pay the ransom demanded by hackers who breached its systems last month, resulting in the shutdown of systems at several hotels and casinos. The attack compromised customer data, including names, contact information, and driver's license numbers, with a limited number of social security numbers and passport numbers also affected. MGM believes that passwords, bank account numbers, and card details were not stolen. The company is notifying affected customers and offering free credit monitoring and identity theft protection services. While most guest-facing systems have been restored, MGM expects to incur losses of approximately $100 million.