Jan-Feb-Mar 2021
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OPINION<br />
ADDING UP THE COSTS OF A FINANCIAL DATA BREACH<br />
HOW CAN FINANCIAL<br />
SERVICES ORGANISATIONS<br />
KEEP THEIR CONFIDENTIAL<br />
INFORMATION SECURE TO<br />
SAFEGUARD THEIR DATA AND<br />
REPUTATION? ANDREA BABBS,<br />
UK GENERAL MANAGER,<br />
VIPRE, EXPLAINS.<br />
Reliance on email as a fundamental<br />
function of business communication<br />
has been in place for some time.<br />
But as remote working has become a key<br />
factor for the majority of business during<br />
2020, it's arguably more important than<br />
ever as a communication tool. The fact<br />
that roughly 206.4 billion emails are sent<br />
and received each day means we're all<br />
very familiar with that dreaded feeling of<br />
sending an email with typos, with the<br />
wrong attachment, or to the wrong<br />
contact. But this can be more than just an<br />
embarrassing mistake - the ramifications<br />
could, in fact, be catastrophic.<br />
In particular, for the financial services<br />
industry that deals with highly sensitive<br />
information including monetary<br />
transactions and financial data, the<br />
consequences of this information falling<br />
into the wrong hands could mean the loss<br />
of significant sums of money. Emails of<br />
this nature are the Holy Grail for cyber<br />
criminals.<br />
HOW MUCH?<br />
According to research from Ponemon<br />
Institute in its Cost of a Data Breach<br />
Report 2020, organisations spend an<br />
average of $3.85 million recovering from<br />
security incidents, with the usual time to<br />
identify and contain a breach being 280<br />
days. Accenture's 2019 Ninth Annual<br />
Cost of Cybercrime report found that<br />
financial services incurred the highest<br />
cybercrime costs of all industries. And<br />
while examples of external threats seem to<br />
make the headlines, such the Capital<br />
One cyber incident, unintentional or<br />
10 NETWORKcomputing JANUARY/FEBRUARY <strong>2021</strong> @NCMagAndAwards<br />
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