Caesars Palace in Las Vegas is the latest target of ransomware groups. Caesars Palace joins the MGM Hotels & Casinos as the second cyberattack on a Vegas casino this month. Reports say Caesars Palace paid millions to stop hackers from releasing their data.
The obvious allure of big-money casino operations has experts wondering if this trend continues and what casinos can do from a cybersecurity perspective to avoid being another victim.
What did Caesars Palace do wrong, and how can other casinos avoid a similar fate? Let’s take a look at the details and the trends.
What Happened to Caesars?
Caesars reportedly paid nearly half of the requested $30 million ransom to prevent hackers from releasing private information. While the hackers were able to get some information on customers via social engineering tactics, there was no evidence they were able to access any passwords or payment information, according to Caesars Palace.
Why Are Casinos a Target for Hackers?
It might seem obvious that hackers are targeting casinos. After all, they’re a business based around large amounts of cash on hand. Think easy ransom payments and maybe a few skeletons in the closet. Sounds like a cybercriminal’s ideal world.
And yet, casinos are a surprising target because they have a reputation for impressive and robust security defenses. While surprising, the recent target on casinos is a grave reminder that malicious hackers can hit any business or industry at any time.
It also reminds experts of the history of casinos being cybersecurity targets in the past – a history much of the public forgets. Caesars Palace and the MGM properties are not the first ever casinos to be targeted by cybercriminals.
The Price of Outdated Tech
Questions are circling whether Caesars Palace appropriately prioritized updating outdated tech and the need for regular updates. While the casino industry has a reputation for robust cybersecurity systems, an industry reputation doesn’t guarantee an individual company like Caesars Palace will follow suit.
Maintaining proper cybersecurity infrastructure costs money, no matter your industry, and it’s not always an investment companies can or want to make.
If your business is wondering whether you need to invest more in cybersecurity or whether your current systems are up to par – our team can help. Not only do we have experience with multiple industries and business sizes, but we also understand the need for disaster recovery and can offer solutions. Get in touch with a PK Tech team member with a 15-minute complimentary intro call.