Sony to spend $171m on site hacks

Sony says cost of repairing damage to site and other costs is $171m so far

Tags: Cyber crimeSony Corporation
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Sony to spend $171m on site hacks Sony say the cost of the hacks is approximately 14 billion yen.
By  Mark Sutton Published  May 24, 2011

The cost of the attacks on Sony's Playstation Network and other sites will reach at least $171m according to the company.

A statement from Sony's investor relations group, seen by gaming site Joystiq, reportedly put the cost of the attacks and restoring security, as known at present, at around 14 billion yen.

The statement warned that this amount could change however.

"Based on information currently available to Sony, our currently known costs associated with the unauthorized network access are estimated to be approximately 14 billion yen.

"So far, we have not received any confirmed reports of customer identity theft issues, nor confirmed any misuse of credit cards from the cyber-attack. Those are key variables, and if that changes, the costs could change," said Sony.

Sony has suffered ongoing problems since April, with multiple breaches of its sites including the Playstation Network, Quirocity and Sony Online Entertainment.

The figure quoted includes the cost of new personal information theft protection programmes, ‘welcome back' programmes, customer support, network security enhancements and legal costs.

The loss will impact on the company's 2011 financial year, to end of March 2012.

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