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News

Expensive Data Leak Demonstrates Need For PIM

CyberArk Software : 16 November, 2010  (Technical Article)
Banker loses General Motor flotation underwriting contract through failure to protect data from leakage as details of the transaction gets e-mailed to unauthorised users
Details of General Motors' forthcoming flotation have been leaked after a UBS banker accidently sent the information in an email to more than 100 people. The incident has cost UBS an estimated $10 million, as it has been dropped as an underwriter on the deal.

Mark Fullbrook, director UK and Ireland at Privileged Identity Management (PIM) and information security expert, Cyber-Ark has made the following comments:

'This is a perfect demonstration of how a data breach as a result of human error can not only damage a company's brand, but also lead to significant financial losses. I have no doubt that the banker who sent the email in question will be feeling pretty red-faced now, but let's be honest, who hasn't sent the wrong email to the wrong person by accident?

'The real issue here is the considerable failure of UBS' existing data transfer policies. When dealing with such sensitive information, it is vital that organisations take this responsibility seriously and put processes - and technologies - in place to ensure the continuous protection of that information, without impacting the everyday tasks of employees.

'Data inevitably moves around, and if banks such as UBS are to really protect this information, they must look to deploy a policy-driven, simple and secure file transfer system, such as our Secure Email Manager. Without such measures, organisations leave themselves open to the costly and embarrassing consequences of a data breach - as UBS has unfortunately learned.'
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