MGM Cyber Hack Has its Las Vegas Hotels Resorting to Cash Bars, Paper Vouchers

• Loss of electronic data: the cost to repair damaged software or replace lost or stolen data from the cyber attack.
• Cyber extortion: cyber criminals holding data and/or information hostage for a ransom; cost to help pay for the ransom.
• Business interruption/loss of income: a data breach or cyber attack leaves you unable to operate your business. The lost income and expenses add up fast here.
• Security fixes and cyber forensics: Costs of upgrading your security and investigating the data breach.
• Notification and identity protection for affected customers: Cost of notifying customers impacted by data breaches and paying for identity protection.
• Fraud and credit monitoring services: Cost of credit monitoring for any customers impacted by a data breach.
• The impact on your business reputation: Costs of handling public relations and repairing the damage to your business reputation. Libel, copyright infringement, defamation.

Third-Party Liability

• Damage to a third-party system (in case of an accidental virus transmission, for example)
• Network Security and Privacy Liability: Liability for alleged negligence or that you failed to properly protect customer information.
• Media Liability Claims: This includes accusations of libel, slander, fraud, etc.
• Regulatory proceedings and or fines form regulatory bodies
• Legal costs, settlements, and damage awards

So, what if this happened to your business tomorrow? You come to work in the morning and realize that you’re locked out of your entire network and not a single employee can get a single task done.

You have a ransom demand of $400,000 from a hacker.

Where do you start? Are you capable of doing this all alone? To pay the costs out of pocket? To deal with the IT forensics and loss of data? The network fixes and trying to get back to where you were before you shut down the night before?

If this reality hits you hard in the face, cyber liability/data breach insurance coverage is something you should consider to address these very circumstances.

Cyber insurance programs can team up with your managed IT provider to help with the list of costs and expenses to navigate through the mess caused by a cyber attack. And carriers have deep resources to help fix the mess and get you back to business much faster and more efficiently than trying to deal with this sort of mess alone.

There are many cyber insurance options out there. No two are the same. It’s important to work with a provider who knows the ins and outs of cyber insurance coverage.

Contact me today if you have questions about cyber insurance or would like to look at coverage and cost options.

Let’s hope that MGM gets this settled as quickly as possible for all involved.