The cyberattacks that occurred earlier this year against MGM Resorts and Caesar’s Palace serve as a dire warning to organizations that staying hyper-vigilant is critical to preventing security threats and mitigating incidents. According to a report by CNBC, Caesar’s paid a $15 million ransom to the cybercrime group following the takedown of MGM’s computer systems, forcing the company to shut down the network while its infrastructure was compromised and data was extracted from its servers.
The widespread adoption of connected devices and the growing value of data are leading to a substantial increase in cyberattacks, according to The World Economic Forum. A recent report from the organization highlights the extent of the problem, estimating costs will rise significantly, from $8.44 trillion in 2022 to $23.84 trillion by 2027.