Recent news on data breaches will cost businesses more than just fines, warns Tony Pepper, CEO, Egress. He says:
“The articles in Surrey Live: Data breach following cyber-attack prompts legal action against University of Surrey and Chronicle Live: Newcastle University faces potential legal action over data breach following cyber attacks are further examples of the growing increase in private lawsuits being brought against organisations that expose customers’ sensitive data. The potential cost of such lawsuits could, in fact, be far higher than fines from the regulators, not to mention the reputational impact such publicity might have. This is why it is so important that organisations take a hybrid approach to securing their systems, not only educating and training users but also ensuring they have human-layer security technologies wrapped around the user to prevent data loss.
“We recently published our 2020 Outbound Email Data Breach Report, and this highlighted the true scale of data security risks related to email use. For example, our survey found that 93% of IT leaders surveyed said that their organisation had suffered data breaches through outbound email in the last 12 months. Likewise, rising outbound email volumes due to COVID-19-related remote working and the digitisation of manual processes are also contributing to escalating risk. 94% of respondents reported an increase in email traffic since the onset of COVID-19 and 70% believe that working remotely increases the likelihood of sensitive data being put at risk from outbound email data breaches. Unfortunately, this means that potential private lawsuits of this nature are only going to increase, including in the education sector.”