SONY TO LOSE BILLIONS OF DOLLARS AFTER DATA BREACH
Sony now says it will lose several billion dollars for its fiscal year. Originally, Sony planned on bringing in $857 million in profits this year, but a recent data breach will inevitably cost the company billions of dollars! The latest estimate is $3.7 billion!
“Based on information currently available to Sony, our currently known costs associated with the unauthorized network access are estimated to be approximately ¥14 billion ($171.4 million) the fiscal year ending March 13, 2012,” according to Sony. This figure does not include legal fees (and potential judgments) related to the numerous class actions and individual lawsuits filed against the company. Sony acknowledges the it could lose more money if victims of the data breach become victims of identity theft or consumer fraud.
Ironically, the recent earthquake in Japan will cost the company much less than the data breach. How much? Sony says the earthquake will cost the company approximately $208 million.
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