Cyberattack Group Shifts Focus To Banks, Insurers After Casinos

Author: Shivani Kumaresan | May 08, 2024 02:21pm

According to cybersecurity researchers, a hacking group known as Scattered Spider, previously linked to cyberattacks on MGM Resorts International (NYSE:MGM), is now targeting banks and insurance companies.

The group breached Caesars Entertainment Inc's (NASDAQ:CZR) systems via an external IT vendor's network.

The cyber attack at MGM had left the company with a negative impact estimate of $100 million to Adjusted Property EBITDAR for the Las Vegas Strip Resorts and Regional Operations, collectively.

Scattered Spider, formerly accused of disrupting casinos and hotels, has targeted 29 companies since April 20, successfully compromising the systems of at least two insurance companies, reported Bloomberg.

Recent targets include Visa Inc (NYSE:V), PNC Financial Services Group Inc (NYSE:PNC), Transamerica, New York Life Insurance Co., and Synchrony Financial. 

The group deployed phishing links through emails and texts, redirecting employees to fake log-in pages to steal credentials.

Okta Inc (NASDAQ:OKTA) is among the services utilized by the hackers to create fraudulent log-in pages. 

Okta spokesperson Kyrk Storer stated that the company is actively combating Scattered Spider's tactics, introducing new security features to protect users.

Scattered Spider, emerging in May 2022, orchestrated high-profile hacks in 2023, including against MGM and Coinbase.

Researchers note the group's evolution, expanding its targets beyond telecommunications to various sectors.

The FBI and CISA have appealed for information regarding the group's activities, aiming to identify and apprehend its members.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo by Bits And Splits on Shutterstock

Posted In: CZR MGM OKTA PNC V