Playstation Network Crash Prompts Possible Rules Changes

A group of Democratic senators wants to make it mandatory for companies to report when they have been cyber-attacked. The five senators sent a letter to the SEC asking the regulatory body to issue new guidelines requiring companies report when they have suffered a major network attack, as well as disclose details on intellectual property or trade secrets that hackers may have stolen. The senators also want the SEC guidance to specify that corporate-risk disclosure requirements mandate companies disclose if they are vulnerable to cyberattacks. Sony's SNE Playstation Network was shut down by hacker attacks earlier this month. Hackers also managed to steal millions of users private information, and have kept the network shut down for weeks. One analyst told the WSJ last week that he estimated the April attack will cost Sony about $1.24 billion. The Senators involved in the letter to the SEC include Senate Commerce Committee Chairman Jay Rockefeller of West Virginia, Sen. Robert Menendez of New Jersey, Sen. Sheldon Whitehouse of Rhode Island, Sen. Mark Warner of Virginia and Sen. Richard Blumenthal of Connecticut.