2 min Security

Extent of financial damage from ransomware attack on Caesars still unknown

Extent of financial damage from ransomware attack on Caesars still unknown

The casino and hotel chain Caesars Entertainment still does not know exactly how much the ransomware attack from September this year will cost. This is according to a recent filing to stock market regulator SEC on the progress of the incident.

According to the filing to the SEC, Caesars Entertainment is still unable to determine the ultimate financial damage from the recent ransomware attack. However, the company does indicate that the breach is going to result in potential losses.

Currently, the casino and hotel chain is trying to resolve several lawsuits surrounding the incident and resolve complaints by reaching a settlement. In addition, Caesars Entertainment is currently working with regulators from several U.S. states in investigations into the incident.

Ransomware attack in September

The company’s casinos and hotels were attacked by a ransomware gang in September, at the same time as MGM Resorts & Casinos. The gang managed to penetrate a Caesars Entertainment IT vendor via social engineering and, subsequently, was able to enter the casino and hotel chain’s IT environment.

In the breach, sensitive data was stolen, including names, driver’s license numbers and ID card numbers.

Unlike MGM Resorts & Casinos, Caesars Entertainment managed to stay out of the media limelight and the ransomware gang is rumored to have paid about $15 or $30 million in ransom.

Still higher profits in third quarter 2023

Despite the hack, the casino and hotel chain still managed to post better-than-expected figures in the past third quarter. Caesars Entertainment’s total profit in the third quarter of 2023 was about $3 billion. This was 3.7 percent more than in the same period in 2022.

Also read: MGM hack: ransom wasn’t paid, company found out about hack in time