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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Clinton: allergy, not anguish in my bin Laden photo 6:54am EDT Photos show three dead men at bin Laden raid house 04 May 2011 Oil plummets more than 8 percent as commodities battered 2:18pm EDT Boehner "optimistic," demands trillion-dollar cuts 1:55pm EDT Photos show three dead men at bin Laden raid house 5:51am EDT Discussed 168 Obama to make statement late Sunday, White House says 138 Concerns raised over shooting of unarmed bin Laden, burial 119 Donald Trump calls U.S. leaders ”stupid” Watched Legendary founder of Seal Team Six speaks 9:29am EDT Video of bin Laden compound fire Mon, May 2 2011 Bin Laden unarmed when killed - White House Tue, May 3 2011 Sony's insurers to help foot bill for data breach Tweet Share this By Liana B. Baker and Jim Finkle NEW YORK/BOSTON (Reuters) - Sony is looking to its insurers to help cover the cost of cleaning up a data breach that exposed the names of more than 100 million customers, an amount that one expert estimates could... Email Print Related News UPDATE 6-Lloyds takes $5.3bn hit for insurance mis-selling 8:52am EDT Sony says "Anonymous" set stage for data theft Wed, May 4 2011 UPDATE 3-Sony hires firms to clean up after breach Tue, May 3 2011 South Korea police probe Google over location data collection Tue, May 3 2011 Sony's Stringer under fire as 25 mln more accounts hacked Tue, May 3 2011 Analysis & Opinion Virtual currencies are coming for your cash Tech wrap: Sony says Anonymous set stage for breach Related Topics Technology » Media » Stocks By Liana B. Baker and Jim Finkle NEW YORK/BOSTON | Thu May 5, 2011 4:16pm EDT NEW YORK/BOSTON (Reuters) - Sony is looking to its insurers to help cover the cost of cleaning up a data breach that exposed the names of more than 100 million customers, an amount that one expert estimates could exceed $2 billion. "We have a variety of types of insurance that cover damages. Certain carriers have been put on notice," a Sony Corp spokesman said in response to an inquiry from Reuters. Larry Ponemon, chairman and founder of the Ponemon Institute, estimates that notifying Sony's customers and cleaning up the breach will cost about $20 per person, or more than $2 billion. Ponemon is a consulting firm that specializes in research on data breaches and security issues. Ponemon said that was a conservative estimate because some 12.3 million credit card numbers may have been compromised in the hack. And replacing a credit card costs considerably more than $20. "It's likely to be more expensive because credit data is involved," Ponemon said. "We call credit card numbers 'crown-jewel' data." The Sony spokesman declined to name the insurers or say whether there was a cap on the size of the payout that they would make to Sony. Insurance experts said that the liability on Sony's policy was likely spread among several insurers. It was not clear whether Sony was insured for the full cost of the cleanup, which involved hiring at least three firms to investigate the matter. Sony has yet to restore service on its PlayStation and gaming networks. "They are not going to be completely unscathed," said Etti Baranoff, professor of insurance at Virginia Commonwealth University. "No matter what, their insurance rates are going to go up." She added that the insurers are likely involved in cleaning up Sony's network. (Editing by Steve Orlofsky) Technology Media Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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