IGT Discloses Cybersecurity Incident, Financial Impact Not Clear

2024-12-02

Shares of International Game Technology (NYSE: IGT) traded lower on Wednesday after the lottery giant announced late Tuesday that it was the victim of a cybersecurity incident.

MGM hack
International Game Technology revealed in a regulatory filing that it was the victim of a cybersecurity incident. (Image: Shutterstock.com)

In a Form 6-K filing with the Securities and Exchange Commission (SEC), IGT said that on November 17, it became aware “that an unauthorized third party gained access to certain of its systems” and that some disruptions resulted from the technological intrusion.

Promptly after detecting the issue, the company activated its cybersecurity incident response plan and launched an investigation with the support of its external advisors to assess and remediate the unauthorized activity. The company has also proactively taken certain systems offline to help protect them. The company’s ongoing investigation and response include efforts to bring its systems back online,” said IGT in the filing.

IGT is one of the largest providers of lottery services, including state games and scratchers, in the US and around the world.

Financial Impact Could Be Immaterial

There are multiple examples of gaming industry cybersecurity incidents proving costly for the targeted companies, but at this point, IGT said the financial effects of the recent attack, if any, aren’t known.

In a note to clients on Wednesday, Stifel analyst Jeffrey Stantial said the financial impact of the cyberbreach is likely to be “immaterial” if IGT swiftly remedies it, and that appears to be what the company is attempting to do.

Recommended Games

FAQ