MGM were insured. Are you?

MGM are a very large business and suffered a cyber attack. They were ahead of the game in their IT security and identified the attack –

“Literally everything was out,” Hornbuckle said. “They clearly got wind of what we were doing and closed us down in the balance.”

Scattered Spider, a group of young men based in the US and the UK, is believed by cyber-security experts to have instigated the MGM attack, as well as a similar incursion at rival Caesars Entertainment Inc.

The incident will reduce MGM’s third-quarter earnings by about $100 million and add $10 million to expenses, most of which will be covered by insurance.

A smaller company might lose earnings of £1.0M and increase their operating costs by £100,000.

MGM were insured. Are you?