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Sony Estimates PSN Hack Cost Company More Than $170 Million

by Joey Davidson | May 23, 2011May 23, 2011 12:15 pm PDT

Sony is still working hard to recover, stabilize and secure the PlayStation Network and all of its features. The company had to take the service down after an unauthorized intrusion broke into the network and stole the personal information of PSN’s users. Sony’s also been striving to relieve some of the customer frustration with several game and content giveaways set to start once the bulk of the service is restored.

However, it seems that Sony is facing a harsh, fiscal bottom line when all of this nonsense is said and done. Within an official fiscal forecast statement for the company, Sony addressed the estimated financial damage the hack has brought upon the console manufacturer.

Sony currently targets the damages done as a result of the intrusion at more than $170 million by the close of the 2012 fiscal year. The statement, as it was released from Tokyo, has that information in yen.

“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 in the fiscal year ending March 31, 2012…”

As Kotaku points out, the statement does not link these estimated damages to any individual portions of the intrusion. So, this large number is likely connected to loss in sales, cost of repair, cost of customer service and much more. Furthermore, 14 billion yen is only an estimation done by Sony. It’s likely that the number will fluctuate between now and the official end of the fiscal year closing in March of 2012.

It seems that Sony is harshly paying for what appears to have been a rather relaxed network security effort for the PSN. As the company recovers the network, this fiscal estimation will likely work to ensure they’re more stringent about security. With the massive target that’s been painted on their backs because of this hack, Sony would be best served to tighten security as much as they possibly can.

[via Kotaku]


Joey Davidson

Joey Davidson leads the gaming department here on TechnoBuffalo. He's been covering games online for more than 10 years, and he's a lover of all...

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