This is taken from the eBook published by iManage and DocsCorp – ‘Managing the inevitable: How to lessen the impact of a data breach.’
Companies including Equifax, Facebook, and Yahoo have been fined hundreds of millions of dollars after serious data breaches affected millions of users. In the past, the risk of regulators imposing fines was low. Now, we are witnessing regulators issuing massive fines and wielding increased power over businesses that experience a breach.
Brand reputation – a data breach could seriously impact a brand’s reputation, leading to a loss of existing and future clients. Other effects could be unwanted media attention as well as legal action for professional negligence and other lawsuits.
Loss of confidence – clients expect firms to implement measures and policies to protect their data. If a client learns the firm has suffered a data breach, it could lead to an irreversible loss of confidence, resulting in the client taking their business elsewhere.
Regulatory penalties – a growing body of government and industry regulations are establishing rules and standards for the protection of client data. Failure to comply can result in severe financial penalties. The USD$329 million fine issued by the GDPR regulator to British Airways proves these penalties aren’t just idle threats.
With over 124 billion* business email sends on an average weekday, an email data breach is inevitable
Under global data protection regulations, these are the email data breaches that could cost your business millions.
Sending an email to the wrong person accidentally – usually because of a simple mistake like Outlook autofill suggesting the wrong ‘John’ or ‘Jane. ’
Unknowingly sending information in the email body or an attachment to the wrong person, or a person who is not authorized to receive it.
Spear phishing and phishing attacks
Clicking on a link or responding to an email that purports to be from a trusted contact (spear phishing) or a reputable company (phishing) and revealing personal information, including passwords and/or credit card numbers.
Metadata tells the reader more than what’s on the page, like who created the document, how long was spent editing it, and where the document is saved. Certain types of metadata, like author properties, can contain personal information.