http://www.eweek.com/c/a/Security/Sony-Breaches-a-Reminder-for-Enterprises-to-Check-Liability-Insurance-140926/ By Fahmida Y. Rashid eWEEK.com 2011-07-29 Not all insurance policies are created equal and organizations should check their policies before a data breach to see if they are covered. In the case of Sony, perhaps not. Recent high-profile cyber-attacks have renewed interest in cyber-insurance as CEOs worry about covering the cost of a data breach if, or when, they get attacked. However, the policies they are buying may not help them in case of a large-scale breach. Sony is discovering this the hard way as the embattled Japanese entertainment giant struggles to recover from the series of cyber-attacks in April and May on several of its online entertainment services and over 100 million user accounts were compromised. At least 55 putative class action lawsuits from irate consumers about the breach have been filed against the company in the United States. Sony has estimated it will cost $178 million to deal with the breach this year, which includes implementing new security measures, but doesn't include legal fees or potential compensation awards. Sony said in May it would depend on its insurers to help pay for the breach. [...] ___________________________________________________________ Attend Black Hat USA 2011, hosted at Caesars Palace in Las Vegas, Nevada July 30-Aug 4, offering over 60 training sessions and 9 tracks of Briefings from security industry elite. To sign up visit: http://www.blackhat.comReceived on Mon Aug 01 2011 - 02:52:07 PDT
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