The hotel and casino operator MGM Resorts International (MGM) told the Securities and Exchange Commission (SEC) about a cybersecurity incident, which suggests that the attack would have a significant impact on the firm. As a result, shares of MGM Resorts International (MGM) declined.
MGM Resorts International is their full name. It says “FORM 8-K.”
Moody’s also issued a warning that the matter may have an effect on MGM’s credit rating, stating that the assault “highlights key risks” to the company’s operations due to the substantial dependence that they have on technology.
Since Sunday, the breach has caused havoc in the company’s computer systems. It has not yet restored access to its corporate email, hotel booking, or restaurant reservation systems.
MGM has said that it is conducting an investigation, and that it is receiving assistance from independent cybersecurity specialists as well as law enforcement. The Federal Bureau of Investigation has confirmed that it is looking into the incident.
The share price of MGM Resorts International has fallen for three trading days in a row, and it has now reached its lowest level since the beginning of June.