This site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.X

Accidentally-sent email could end up costing UBS $10 million

Share this article:
An email sent in error that contained details of General Motors' upcoming flotation could have cost Swiss bank UBS an estimated $10 million.

A report by The Telegraph claimed that a UBS banker accidentally sent an email that contained details of the planned flotation and GM's listing price, to more than 100 people. The leak was disclosed in papers filed by GM at America's Securities & Exchange Commission.

This has led to UBS being dropped as an underwriter to the carmaker on one of the biggest deals in the world at the moment. The filing said the email did ‘not reflect GM's views' and said that investors who buy GM stock could seek refunds or damages because of the leak if UBS remained an underwriter on the deal.

Commenting on the email error, Nick Lowe, Check Point's head of Western Europe sales, said: “We've all made this type of mistake at some point, either by choosing the wrong auto-fill email address, or selecting the wrong email distribution group. 

"Email is the biggest vector for corporate data losses, yet most data leak prevention solutions don't actually help users to stop leaks from happening, they only raise an alert after the event, when the damage is done.

“Data leak prevention should work with the user, prompting them to double-check what they are doing before the email is sent. This is how our UserCheck technology works, giving employees a chance to close the stable door before the horse bolts.”

Peter Bauer, CEO of Mimecast, a company which provides cloud-based email management and security to businesses of all sizes, commented:

“This story is a classic example of why organisations need to be thinking very seriously about corporate email from a compliance perspective. As UBS has found out, data leakages of this kind are all too common and can be extremely damaging to a business, both financially and in terms of reputation. They are also completely preventable.

“In our information driven economy, a rigorous email compliance system is becoming increasingly essential to protect organisations' intellectual property, safeguard sensitive client data and maintain a business' reputation as a trusted supplier or partner. Unfortunately, with approximately 65 per cent of data leaks still occurring via email, it seems there is still some way to go before these lessons are learned.”

Share this article:

SC webcasts on demand

This is how to secure data in the cloud

Exclusive video webcast & Q&A sponsored by Vormetric

As enterprises look to take advantage of the cloud, they need to understand the importance of safeguarding their confidential and sensitive data in cloud environments. With the appropriate security safeguards, such as fine-grained access policies, a move to the cloud is as, or more, secure than an on-premise data storage.

View the webcast here to find out more

More in News

Password recovery made too easy

Password recovery made too easy

A senior malware analyst has slammed the availability of a `password recovery' utility from Freehostia, noting that the software actually uses network admin utilities to take credentials from the users' ...

Belgacom says alleged GCHQ APT attack cost firm £12 million

Belgacom says alleged GCHQ APT attack cost firm ...

One year on from a nation-state APT which infected 26,000 machines across 124 systems at telecom operator Belgacom and the firm has detailed the cost and manpower involved in the ...

CryptoWall compromises 40,000 UK citizens

CryptoWall compromises 40,000 UK citizens

Research just published claims to show that ransomware - in the shape of CryptoWall - is still generating healthy volumes of income for the cyber-criminals behind the code.