HomeCyber BalkansLessons learned from cyberattacks on MGM and Caesars

Lessons learned from cyberattacks on MGM and Caesars

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Many IT professionals are looking at the recent cyberattacks on MGM and Caesars and wondering if they could be next. The aftermath of these attacks has raised important questions about what lessons companies can learn and what steps they can take to protect themselves from becoming the next victim.

One key point to remember is that every business is a potential target. Some may think that because they are not a major corporation like a casino or a bank, they are not at risk. However, any business that relies on digital systems to operate is a potential target for ransomware attacks. The impact of a cyberattack can be devastating not only to the company itself but also to its customers and its reputation.

Another important consideration is the prevalence of social engineering as an attack vector. Human beings interacting with digital systems create opportunities for attackers to trick them into providing access to the system. While training has been a common approach to addressing social engineering, it is not enough to fully solve the problem. People are prone to making mistakes, forgetting, getting distracted, and falling victim to new forms of attacks.

To mitigate the risks associated with social engineering, companies are advised to consider implementing Public Key Infrastructure (PKI) as a way to authenticate the identities of employees using digital certificates on their devices. This approach removes the decision-making process from human hands and provides a more secure method of authentication that is less susceptible to social engineering attacks.

Despite the effectiveness of PKI, many network administrators fail to employ this method due to misconceptions about the security of username-password systems and multi-factor authentication (MFA). While MFA is often seen as an additional layer of security, even the most advanced MFA mechanisms can be defeated by determined and well-resourced attackers.

Adopting a zero-trust security mentality is another important step for companies to take in order to protect themselves from cyberattacks. This approach requires stringent access controls, continuous validation, and an ongoing commitment to verifying the identities of users, regardless of whether they have been previously authenticated.

It is clear that businesses need to be proactive in implementing critical security measures to protect themselves from cyber threats. As cyberattacks continue to evolve and become more sophisticated, it is not a matter of if another attack will occur but when. By taking the necessary steps to remove decision making from human hands, implementing PKI, and adopting a zero-trust framework, companies can greatly reduce their vulnerability to cyber threats.

In conclusion, the recent cyberattacks on MGM and Caesars serve as a stark reminder of the importance of cybersecurity in today’s digital landscape. By learning from these attacks and implementing proven security protocols, businesses can better protect themselves and their customers from the devastating impact of cybercrime.

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