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Sony Pictures CEO says cyberattack cost covered by insurance

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Sony Pictures Entertainment Chief Executive Michael Lynton said on Thursday the costs from the devastating cyberattack on the Hollywood studio will be completely covered by insurance and will not lead to further cost-cutting.

[LOS ANGELES] Sony Pictures Entertainment Chief Executive Michael Lynton said on Thursday the costs from the devastating cyberattack on the Hollywood studio will be completely covered by insurance and will not lead to further cost-cutting. "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," Lynton told Reuters in an interview, seven weeks after the hacking attack that the US government has blamed on North Korea.

REUTERS