Caesars Entertainment Inc. Pays Hackers Millions in Recent Cyberattack
Bloomberg reports that Caesars Entertainment Inc. has paid tens of millions of dollars to hackers who breached the company’s systems and threatened to release its data. This news comes shortly after MGM Resorts International announced its own cyberattack.
Caesars is expected to disclose the cyberattack in a regulatory filing soon.
Hackers Demand Payment
- Caesars Entertainment Inc. paid tens of millions of dollars to hackers who breached its systems.
- The hackers threatened to release the company’s data unless they were paid.
- Hacking gangs typically demand payment in cryptocurrency if they demand a ransom.
- Recent attacks involve stealing data and then demanding payment to prevent its release.
Hackers Known as Scattered Spider
The group behind the attack on Caesars Entertainment Inc. is known as Scattered Spider or UNC 3944.
Members of this hacking group are skilled at social engineering to gain access to large corporate networks.
In the case of Caesars, the hackers initially breached an outside IT vendor before accessing the company’s network.
Timeline of the Attack
- The hackers started targeting Caesars as early as August 27.
- The cyberattack lasted for several weeks.
The hackers are believed to be young adults, some as young as 19 years old.
They reside in the United States and the United Kingdom.
A person who has investigated multiple hacks by the group provided this information.
Caesars Entertainment Inc. Stock Reaction
Caesars’ shares dropped by 2.7% on Wednesday, reaching $52.35.
The cyberattack on Caesars Entertainment Inc. resulted in the payment of millions of dollars to the hackers.