In October 2023 MGM Resorts, one of the world’s largest gambling firms, was hit by a major cyberattack that put consumers’ personal data at risk and ultimately shut down casino operations to mitigate the damage. It was one of the biggest cyberattacks of the year, with operational disruptions incurring a reported $100 million hit to MGM’s quarterly mexico whatsapp number data results. The hackers succeeded in breaching an IT security vendor’s systems through sophisticated phishing methods – and this was not this group’s only high-profile cyberattack. Though MGM reacted as fast as they could, the attack still caused a devastating and costly outcome for the casino group.
Today, this type of attack could be even more sophisticated – but twice as preventable with the right digital tools. From NLP to automated workflows, machine learning, and face detection, companies can build or contract with GenAI that encompass a range of features, including automatic threat detection. To strengthen a risk management approach, leaders need to turn to security-focused efficiencies AI provides, including prioritization, analytics, and continuous monitoring across multiple nuanced cyber frameworks.
The Future of AI in Safeguarding Businesses from Risk
In all these examples, the cost of risk, compliance, and security can be staggering when a critical event happens. What’s more, risk events do not stop – they grow and get increasingly complex.