Check, Please! Adding up the Costs of a Financial Data Breach

Reliance on email as a fundamental function of business communication has been in place for some time. But as remote working has become a key factor for the majority of business during 2020, it’s arguably more important than ever as a communication tool. The fact that roughly 206.4 billion emails are sent and received each day means we’re all very familiar with that dreaded feeling of sending an email with typos, with the wrong attachment, or to the wrong contact. But this can be more than just an embarrassing mistake – the ramifications could, in fact, be catastrophic.

In particular, for the financial services industry that deals with highly sensitive information including monetary transactions and financial data, the consequences of this information falling into the wrong hands could mean the loss of significant sums of money. Emails of this nature are the Holy Grail for cyber criminals. So how can financial services organisations keep their confidential information secure to safeguard their data and reputation? Andrea Babbs, UK General Manager, VIPRE, explains.

Source: Global banking and Finance
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