MGM's $8 Million Cyberattack Loss

Some of the world’s most skilled hackers burrow into the computers of large companies, hospitals and cities. These places are supposed to have effective countermeasures, but they are not effective enough. The hackers sometimes ask for a ransom to allow these systems to work again. A number of the targets have no choice. They cannot function without their software systems. (These are 22 notorious unsolved crimes in American history.)

The latest victim of hacker activity is entertainment giant MGM. According to the Las Vegas Review-Journal, MGM Resorts International is losing $4.2 million to $8.4 million every day. This translates into about $1 million in daily cash flow. According to the Review-Journal, an analyst at Jeffries reports MGM could suffer this damage “for the days that the current conditions exist.”

The damage has started to spread. People cannot make reservations at MGM online. They need to call on a phone—the old-fashioned way. Some employees may not have been paid on time, though that is a rumor.

The news shows that these incidents are spreading, and businesses have not found a solution. Hospital chain MercyOne, which provides software service for several locations, was hacked less than a year ago. Baltimore and Atlanta have also been victims.

This problem will get worse, perhaps much worse, as cybercriminals become more skilled and daring. Cities, hospitals and companies better get out their checkbooks.

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