11/28/2023 0 Comments Fortune clock casino log inThe SEC mandates the filing of an 8-K to disclose significant events that affect shareholders, typically within four business days. The attacks were disclosed because the companies were required to file a Form 8-K with the U.S. So how did the news leak? One might think companies would rather keep intrusion reports confidential to avoid negative publicity. In stark contrast, when Caesars Entertainment fell victim to an attack just days earlier, they made the controversial choice to pay $15 million in ransom (negotiated from the original $30 million demand). According to Fox Business, the losses could amount to 10% to 20% of the company's combined revenue. This option came with substantial risks, as experts estimated that MGM would lose up to $8.4 million per day until its systems could be fully restored. MGM Resorts' CEO Bill Hornbuckle made the bold decision not to pay the ransom. However, the attackers began lurking within MGM's networks for several days before they made their ransom demands. ![]() To halt further damage, the company temporarily shut down its systems. The day after the MGM attack, they had to disclose that a "cybersecurity issue" had severely impacted the organization.
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