Cost of Sony Hack Has Reached $15 Million

The Sony Pictures Entertainment hack, a recent and large scale information security breaches, was given an estimated price tag as of February 4th 2015. The chaos resulting from the hack has caused Sony to file for an extension to report on its third quarter earnings, but was still required to present what information they had as an estimate to investors. In a company press conference, Sony announced that the hack, the investigation, and remediation cost the company an estimated $15 Million. This is a drop in the bucket compared to the forecast loss of 1.4 billion for the whole of the fiscal year.

Cost of Sony Hack Still Climbing

Let us be clear, the cost of approximately $15 million is just the estimate made and reported to investors for the purposes of the third quarter earnings release.  As the investigation is not complete, the cost is only related to the costs in the third quarter of the fiscal year, and does not include potential future costs incurred relating to the hack. It will likely be more when the full accounting has been completed.

Human Cost of Sony Hack

With the hack, and release of company e-mails to the public, there came a subsequent shake up in company leadership.  Amy Pascal, cochairman of Sony Pictures Entertainment, stepped down from her role after a career with the company of twenty years. Under her leadership Sony Pictures helmed commercial and critical hits like “The Social Network”, “Skyfall”, and “American Hustle” that boosted Sony Pictures Entertainment’s profile as a quality movie production company. Her departure leaves a gap in their senior management, and an uncertain future for the company

Avoid the Cost to Your Company

At Working Nets, we know that handling the cybersecurity for a business while actually keeping that business running can seem impossible, especially in the daunting face of cyber-attacks against much larger businesses. Outsourcing your IT can give you peace of mind and allow you to take care of the things that are important for your company. Working Nets is a Maryland based IT Service and Security company that services small businesses nationwide. We’re always on top of emerging cybersecurity trends and threats so you don’t have to be.

To talk to someone about managed IT for your business, give us a call at (443) 992-7394. We’d be happy to assist you with your professional business networking needs.

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