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Company Looks to Insurers in Breach Incident

DATA LOSS

May 6, 2011

Reuters reports that Sony may be looking to its insurers to help pay for costs resulting from last month's data breaches. Larry Ponemon, CIPP, of the Ponemon Institute, says the breach could cost approximately $20 per person, or more than $2 billion, but, he added, "It's likely to be more expensive because credit data is involved." Sony Chief Executive Howard Stringer apologized to customers in a letter on Thursday. Stringer claimed there is "no confirmed evidence" of credit card misuse, but the company will offer a $1 million identity theft insurance policy per user. Meanwhile, the company faces a subpoena from New York's attorney general for the incidents.
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