The Importance Of Cybersecurity, The MGM Hack

Cybersecurity is a vital part of any IT management strategy. It keeps your data safe and ensures that hackers can’t get into your systems and compromise them.

This is common knowledge, so you’d probably think that major companies would have a great cybersecurity strategy.

You’d be wrong.

MGM Resorts International, one of the world’s largest hospitality chains, with hotels, casinos, golf courses and more based around the world, was hacked last year.

So, how did they, with their multi-million dollar budget, fall victim to a cybersecurity attack that compromised the details of 10.6 million guests?

At Texaport, we knew this story would be an eye-opener for many companies. Often, businesses think that if they’re careful, they can get away without updating their cybersecurity policies, training and passwords.

As an experienced IT consultancy, we understand the value of avoiding a cybersecurity breach and the need for constant vigilance, but we know many businesses that don’t. That’s why we’re using the MGM attack as an example, to show you why you should focus on cybersecurity in your business.

Here’s everything we learned from the MGM cybersecurity attack and how it can benefit businesses of all shapes and sizes.

That No One Is Immune From Hackers

Hackers will try to find vulnerabilities in any system. They’re seeking to find an entrance that will allow them to gain access to secure information, such as customer data, internal systems and more.

Once they’re in, they can share confidential information, hold business owners to ransom and much more.

In the case of MGM, the hackers shared confidential information, including names, addresses and even, in some cases, passport numbers.

This information was shown to the whole world on an online hacking forum. It included personal details about famous guests, including celebrities, CEOs and others.

The Cloud Isn’t Infallible

Cloud storage is often touted as more secure than most other options, and this is true to a certain extent.

Despite this, cloud storage isn’t perfect. MGM’s data was stolen from the corporation’s cloud server, which proves that cloud systems need constant monitoring to remain secure.

That Even Major Organisations Need To Keep Updating Their Cybersecurity Systems

With consolidated quarterly net revenues of $3.3 billion, MGM has more money to spend on cybersecurity than most businesses.

Despite this, the firm clearly did not have the cybersecurity checks in place to keep hackers from accessing sensitive information.

There are many different areas across the cybersecurity space, ranging from password management to access control and beyond.

Each sector of the cybersecurity space needs evaluating for your business if you’re going to keep your data safe.

Everything from business emails through to data centres and even more can be compromised during a cybersecurity attack, which is why you need to make sure that you’re prepared.

You also need regular updates to your cyber security processes and employee training, so that you can avoid falling victim to an attack similar to the one MGM suffered.

The PR Fallout From A Data Breach Can Be Immense

The attack on MGM occurred last summer, which means that the firm managed to keep it out of the public eye for around 8 months.

If a major corporation like MGM can only keep this knowledge away from intrepid journalists and outraged consumers for less than a year, then most businesses will probably have much less time before their breach is exposed.

Once they found out about MGM, media outlets pounced on the news and have been sharing insight, as well as tips for affected customers, with the world.

So soon after the announcement, it’s unclear how much money the news has cost MGM, but time will tell.

Even Major Corporations Need Outsourced IT Support

When discussing the breach, the team from MGM were clear that they would be working with an expert cybersecurity team to understand exactly how the hackers got access to this sensitive data, and how such an issue can be prevented in the future.

The company told one of the first media outlets to report on the issue that it has “retained two cybersecurity forensics firms to conduct an internal investigation into last year’s server exposure.”

This measure shows that even billion-dollar enterprises like MGM don’t have the in-house expertise to protect their online infrastructure. They need to work with expert managed IT service providers like ours. We’re constantly updating our knowledge and enhancing our awareness of the tricks cybercriminals are using to try and access systems, as well as the technologies on the market currently.

This insight is vital if you’re going to keep your business secure, but it’s hard to get it when you’re also working with clients in your chosen market.That’s why external IT support companies are crucial. Working with them is not optional, it’s vital if you’re going to stay safe and keep your client’s data secure.

At the end of the day, if MGM can get hacked, then it’s clear that no business is safe. Working with experienced cybersecurity experts like our team can ensure that your business is as safe as possible, and that you’re constantly aware of the latest developments in the market.