Sony Pictures says cyber attack fully insured

Sony Pictures says cyber attack fully insured

Sony Pictures thinks it can bear the cost of the November 21 cyber attack through insurance alone, removing the need for further cost cuts, according to the company’s chief executive.

Michael Lynton, Sony Pictures’ CEO, said insurance would spare the firm from further fallout after several years of cost cutting.

The US blamed North Korea for the hack, linked to Sony’s release of “The Interview”, a comedy movie with a plot based around assassinating the Asian pariah state’s leader.

"I would say the cost is far less than anything anybody is imagining and certainly shouldn't be anything that is disruptive to our budget," said Lynton, quoted by Reuters, adding that losses were "well within the bounds of insurance”.

Estimates for the cost of the hack have been placed as high as $100m – including repairing or replacing damaged systems and software, and additional steps to prevent a repeat of the attack in future.

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