Losses May be in the Billions as a Result of Sony's Massive Hack Attack

You thought Apple keeping tabs on you is bad this Sony Network security hack might mean billions in losses.

Security experts said Sony would need to account for the loss of business -- as well as damage to its brand -- when it tallies up the cost. Other costs include notifying customers of the attack and bringing in experts to cleanse its network.

Larry Ponemon, chairman and founder of the Ponemon Institute, said the theft could cost Sony more than $1.5 billion, or an average of $20 for each of the 77 million customers whose data was potentially compromised. Poneman's firm specializes in securing information on computer networks.

If I had to cancel my credit card and change any passwords that were the same as the one on the Playstation Network then that would be worth much more then $20 to me. In any case this is one of the times that I am glad I own an Xbox360 even with the Red ring of Death problem. That only caused inconvenience and not the potential for identify theft and credit card fraud that the Sony breach does.