The Bankwatch

Tracking the consumer evolution of financial services

CIO wanted; major entertainment, gaming company

It should be a safe bet the current person in that role at Sony, if he wasn’t gone after last weeks fiasco, then todays information about the PlayStation network being hacked and taken down, should do it.

In the land of fintech we have many discussions about security risk, adequacy, potential over-reaction and generally finding the right balance between risk, and cost. Sony are a company highly dependent on technology but do not have the regulatory oversight banks have in the cybersecurity space. Sony do have the oversight however from customers and shareholders, that will ultimately determine their fate.

Sony were almost out of business prior to establishment of Abenomics. In 2011/12 Sony were going out of business financially due to losses. This was a common corporate problem for Japanese companies due to the significantly increased value of the Yen as foreign investors viewed Japan as a ‘safe have’ to park investments.

In simple terms, Abenomics reduced the value of the Yen against currencies which were represented by Sonys markets, and increased Sonys profits by 30%. This unfortunately required to change in anything Sony did so they probably were resting on their laurels, happy to have survived.

Sony needs an overhaul.

Written by Colin Henderson

December 8, 2014 at 11:00

Posted in Uncategorized

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