Sony expects to pay $15m for cyberattack fallout
Sony has revealed it will set aside $15m to deal with the fallout from the cyberattack that took place earlier this year, but stressed that overall profits will not suffer as a result of the debacle.
The cyberattack, which saw hackers break into Sony’s network in an attempt to stop the release of the film The Interview, will cost $15m (£9.9m) in investigation and remediation costs, the company has projected.
Last month the company reported that due to the “serious disruption of its network and IT infrastructure as a result of a cyberattack,” financial statements regarding Sony’s third quarter would be delayed.
As such it has released projections, with sales predicted to be $21bn for the third quarter ended 31 Dec 2014, a 6.1 per cent increase from the year prior.
This increase is primarily due to foreign exchange rates as well as an increase in mobile communications sales.
Meanwhile Sony has cut its annual losses, revising net loss to $1.4 bn (£954m) from the previous forecast of $2bn (£1.3bn) for the fiscal year ending 31 March 2015. The company has also raised its annual sales expectations to $68bn (£45bn) from $66bn (£43bn).
However, it had earmarked a major swathe of redundancies ahead, as a result of a decline in its mobile phone business, which has seen some 1,100 jobs marked for closure.