Business
sony’s insurers to help foot bill for breach?
By Patrick Lim  •  May 6, 2011
recently, it was reported that hackers has successfully breached sony's network and accessed personal data fro more than 100 million of it's online video game users. and with it, there is a question of the hackers' obtaining some 12.3 milllion credit card numbers during the hacking. on april 19, 2011, sony noticed unauthorised activity and reported this to the united states federal bureau of investigation on april 22, 2011. now, sony is looking to it's insurers to pay for this massive breach of data and one expert estimates this figure could exceed us$2 billion. according to a sony spokesman, mr dan race who told reuters; "we have a variety of types of insurance that cover damages." but mr race refused to disclose who were their insurers or whether there was a cap on the size of the payout. my comments: it is good to know that sony corp ......
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By Patrick Lim
Patrick is an Associate Director with Promiseland. He has more than 20 years of personal investment experience both in stock and shares and unit trusts. In his early years as an investor, he got burnt really bad in the infamous 1987 crash and again during the clob incident. With 2 decades of so-called battle scars behind him, the last few years (since 2003) have been good to him especially with his single country funds doing exceptionally well. On his investing style, he is both a technical analyst and fundamentalist. Patrick view wealth accumulation as part and parcel of the wealth management process but only if one has already executed his/her wealth protection planning on an on-going basis.
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