Mendoza School of Business

Hackers cause Sony major financial, reputational damage

Published: June 8, 2011 / Author: Mendoza College

The group of hackers, which calls itself “LulzSec,” posted Sony network
plans and code, the latest in a string of attacks in the last few months. In
April, the Japanese technology and media giant was forced to shut down servers
that hosted its PlayStation Network service after it was discovered that it had
been hacked and the personal information of 100 million customers had
potentially been stolen.

“It seems Sony has become the laughing stock of the hacking community,”
D’Arcy says. “Sony’s damages total more than $172 million, which really speaks
to the fact that security is no longer simply a technical issue that should be
delegated to IT personnel. It has become a general business and risk management
matter that should concern management at top levels of the organization.

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