• Hacking News
    • Leaks
    • WikiLeaks
    • Anonymous
  • Tech
    • Android
    • Apple News
    • BlackBerry
    • Google News
    • Microsoft
    • Motorola
    • Nokia
    • Samsung
    • 3D
  • Cyber Crime
    • Phishing Scam
  • How To
  • Cyber Events
    • Censorship
    • Cyber Attacks
  • Security
    • Malware
  • Surveillance
    • Drones
    • NSA
    • Privacy
  • Explore
    • Gaming
    • Science
    • Viral
HackRead
  • March 5th, 2021
  • Home
  • Advertise
  • Privacy Policy
  • Contact Us
HackRead
  • Hacking News
    • Leaks
    • WikiLeaks
    • Anonymous
  • Tech
    • Android
    • Apple News
    • BlackBerry
    • Google News
    • Microsoft
    • Motorola
    • Nokia
    • Samsung
    • 3D
  • Cyber Crime
    • Phishing Scam
  • How To
  • Cyber Events
    • Censorship
    • Cyber Attacks
  • Security
    • Malware
  • Surveillance
    • Drones
    • NSA
    • Privacy
  • Explore
    • Gaming
    • Science
    • Viral
  • Follow us
    • Facebook
    • Twitter
    • Linkedin
    • Youtube
Home
Cyber Crime

Sony fined £250000 for PlayStation Security Breach in 2011

January 29th, 2013 Waqas Cyber Crime 0 comments
Sony fined £250000 for PlayStation Security Breach in 2011
Share on FacebookShare on Twitter

UK authorities have fined Sony PlayStation with a fine of $400,000 on the charges of breaching passwords of several users in the year 2011. But, Sony since the induction of the fine has been facing losses/expenditures far greater than $400,000. According to them, only the insurance of their systems and staff costs $171M which has become difficult to cover because of a loss in their brand image. Prove of this, is the demise in their stock prices which has dropped down over a 60% since the taken has taken place i.e. dropping from $30 to $17.Database breaches in 2011, makes life difficult for Song in the market

Attack on Sony’s databases was a gigantic one; it exposed nearly 77 million records. A survey from Symantec exposed an in- depth study regarding what losses a brand has to bear if it attacks the user record’s database. Here are some of the shocking findings of the survey:

* On an average, an attack cost $55, 00,000 to the brand.

* At least, $3 million losses arise from the loss of brand image.

* A total of 28,349 records are breached in a single record.

* The cost to notify users regarding the breaches has become really high, especially, due to the new regulations implemented in EU.

Same stuff could be laid down to Sony; it has been facing these above mentioned circumstances since the imposition of the fine. The cost of notifying every single individual for Sony has been difficult to cope. Especially, due to the new regulations applied in U.S. Still, there has been 45 states where there has been no notification regarding the attacks and databases.

Samsung official while asked to explain all this stuff, but, weren’t able to defend the security flaws. The commissioner investigating on this case said:

“There’s no disguising that this is a business that should have known better. [Sony]…trades on its technical expertise, and … had access to both the technical knowledge and the resources to keep this information safe.”

However, according to the recent statistics there has been considerable decrease in the amount of breaches especially comparing it to the intensity of 2012. The main reason behind this is the increase in the investment made by the brands. According to a source on web, “there has been a drop of $7.2M per breach to what it was in 2012. As more attackers are leveraging the power of the cloud for scaled attacks, more companies are fighting back with cloud security”.

Follow @HackRead

  • Tags
  • cyber crime news
  • Cyber Criminals
  • Data breached
  • Database leaked
  • password leak
  • Sony hacked
  • Sony hacking
Facebook Twitter LinkedIn Pinterest
Previous article China admits cyber warfare unit in People's Liberation Army
Next article Google Morocco and Google Saint Helena Hacked by ZombiE_KsA of PakBugs
Waqas

Waqas

I am a UK-based cybersecurity journalist with a passion for covering the latest happenings in cyber security and tech world. I am also into gaming, reading and investigative journalism

Related Posts
IT Security firm Qualys extorted by Clop gang after data breach

IT Security firm Qualys extorted by Clop gang after data breach

Hackers hit Microsoft Exchange Server to steal email data

Hackers hit Microsoft Exchange Server to steal email data

Crypto firm Tether claims hackers have demanded $24m in ransom

Crypto firm Tether claims hackers have demanded $24m in ransom

Newsletter

Get the best stories straight into your inbox!



Don’t worry, we don’t spam

Latest Posts
Top Russian hacker forums Maza, Verified hacked; data leaked online
Hacking News

Top Russian hacker forums Maza, Verified hacked; data leaked online

IT Security firm Qualys extorted by Clop gang after data breach
Cyber Crime

IT Security firm Qualys extorted by Clop gang after data breach

Marketing firm CallX exposed customers data including call recordings
Leaks

Marketing firm CallX exposed customers data including call recordings

HACKREAD is a News Platform that centers on InfoSec, Cyber Crime, Privacy, Surveillance and Hacking News with full-scale reviews on Social Media Platforms & Technology trends. Founded in 2011, HackRead is based in the United Kingdom.

Follow us