The MGM Resort International is still wrestling with the effects of what appears to be a large cyber security breach. The contradictions are Should it become much clearer or the perpetrators are making the ransom demand? This is a common tactic in cybercrime. That demand was paid by the gaming companies and this is also a common tactic in cybercrime.
The demand was paid by the gaming company. Also, the casino operators would be under the regulatory responsibility for disclosing this to the investors and the expenditure.
At present there is a guess about the actual ransom demand. Therefore MGM hasn’t publicly confirmed as much Casino.Org reaching out to the Bellagio operator on this matter but they did not receive any comment.
The guidelines accepted by the Securities and the Exchange Commission hold the publicly traded firms. The MGM is one of the things they have to make a discoloures regarding the materials and pieces of information pertaining the cybersecurity risk management.
The SEC Chair Gary Gensler said in his July statement,
Whether a company loses a factory in a fire — or millions of files in a cybersecurity incident — it may be material to investors,
Currently, many public companies provide cybersecurity disclosure to investors. I think companies and investors alike, however, would benefit if this disclosure were made in a more consistent, comparable, and decision-useful way.
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