In September 2023, MGM was hit by a major cyberattack that cost the company over $100 million in earnings. The attack breached MGM's computer systems and forced the company to shut down its booking and reservation systems for several days. This had a significant impact on MGM's business, as many guests were unable to book rooms or make reservations. And the craziest part of the story, is it could have been easily prevented with a cyber threat assessment.
The MGM cyberattack is a stark reminder of the importance of cybersecurity.
Businesses of all sizes need to take steps to protect their data and systems from cyberattacks.
How cyberattacks can damage businesses
Cyberattacks can damage businesses in a number of ways, including:
- Financial losses: Cyberattacks can lead to financial losses through theft of money or data, damage to systems, and disruption to business operations.
- Reputational damage: Cyberattacks can damage a company's reputation by exposing sensitive data or disrupting business operations.
- Regulatory compliance violations: Cyberattacks can lead to regulatory compliance violations, which can result in fines and other penalties.
- Legal liability: Cyberattacks can lead to legal liability if a company's customers or partners are harmed as a result of the attack.
How to protect your business from cyberattacks
There are a number of things that businesses can do to protect themselves from cyberattacks, including:
- Implement strong security measures: Businesses should implement strong security measures such as firewalls, intrusion detection systems, and data encryption.
- Educate employees about cybersecurity: Employees should be educated about cybersecurity best practices, such as how to identify and avoid phishing emails.
- Have a cybersecurity incident response plan: Businesses should have a cybersecurity incident response plan in place so that they know what to do if they are attacked.
How a cyber threat assessment can help save the future of your company
A cyber threat assessment can help businesses to identify and understand the cyber threats that they face. This information can then be used to develop a cybersecurity plan to mitigate those risks. A cyber threat assessment can also help businesses to identify any vulnerabilities in their systems or processes. These vulnerabilities can then be fixed before they can be exploited by attackers.
The best part about the assessment? It's free.
Cybersecurity is essential for businesses of all sizes. Businesses need to take steps to protect their data and systems from cyberattacks. A cyber threat assessment can help businesses to identify and understand the cyber threats that they face and to develop a cybersecurity plan to mitigate those risks.
If you would like to prevent this from your organization, please click here to learn more.
