Following MGM Breach, Financial Sector Faces New Wave of Cyber Threats

Caesars Entertainment and MGM Resorts International, two significant companies in the casino and betting industry, were the targets of several cyberattacks in the latter half of the previous year. Although Caesars quickly fixed the problem, MGM had more serious interruptions that had an effect on its Q3 2023 earnings and affected its operations for many days.

An online hacker collective known as Scattered Spider, active since May 2022, is thought to be behind these attacks. The group’s evil operations have been becoming worse; according to recent reports, they have been targeting banks and insurance corporations among other financial institutions with hacks.

According to Bloomberg, Resilience Cyber Insurance Solutions has been monitoring Scattered Spider’s activities and has documented attacks on 29 companies since April 20 this year. Among the recent victims are two undisclosed insurance companies whose security systems were breached by the hacker group.

Expanding Target List

The hacker group’s targets extend beyond insurance companies, encompassing well-known entities such as Visa Inc., Transamerica, New York Life Insurance Co., Synchrony Financial, and PNC Financial Services Group Inc. Despite the attempted breaches, there is currently no evidence of successful penetrations.

CrowdStrike Holdings Inc., a prominent cybersecurity firm, has been actively tracking Scattered Spider’s movements, identifying a total of 52 breaches as of October. Law enforcement agencies, including the FBI and the Cybersecurity and Infrastructure Security Agency, are collaborating to apprehend the perpetrators, although specific investigations are yet to be disclosed.

175% Extra + $75 Risk Free Bet!

New players only. 175% on 1st Deposit + $75 Risk Free Bet

Casino & Sports

Scattered Spider employs sophisticated tactics, including phishing attempts through emails and text messages, redirecting recipients to fake login pages to acquire their credentials. Additionally, the group resorts to impersonating employees, coercing victims into divulging sensitive information under the guise of job termination threats.

Amid escalating cyber threats, companies in the betting and gaming sector, as well as financial institutions, are ramping up cybersecurity measures to safeguard their operations and protect against potential breaches.

The post Following MGM Breach, Financial Sector Faces New Wave of Cyber Threats appeared first on

Physical Address

304 North Cardinal St.
Dorchester Center, MA 02124