NEW YORK (TheStreet) -- Sony (SNE) needs to fight through this security breach and protect its data by encrypting it, says Robert Owen Carr, CEO of Heartland Payment Systems (HPY) and author of Through the Fires.
Carr has a firsthand experience in dealing with cyber attacks. In January 2009, his company learned that it had suffered a security breach in 2008.
Although the broader market collapse didn't help matters, the event derailed the stock price, as shares fell from the mid-$20s down to just $3.50.
That almost took the company down, Carr explained. So while the situation with Sony is unfortunate, it can be overcome.
Following the data breach in 2008, the company deployed an end-to-end encryption into the U.S. marketplace to help prevent another attack. The company also helped to form a council with its competition that kept a closer monitoring over the "bad guys" and what kind of hack could come next, he said.
In regards to Apple's (AAPL) Apple Pay, Carr says the new payment system is good for his company, since it offers customers another payment alternative. He added that Apple Pay is a "great product" that has "excellent security."
Carr said he expects 2015 to be a good year for Heartland Payment Systems. The company has made a few acquisitions which should boost business, and the economy is strong, which is good for consumer spending. "We're looking for a great 2015," Carr concluded.
-- Written by Bret Kenwell