Swiss bank UBS lost out on a major revenue stream when it was discovered that an employee leaked details about the impending GM IPO. This leak meant that GM is required by law to disclose the e-mail in a filing with the U.S. Securities and Exchange Commission.

Up till November 3 UBS was listed as a proposed underwriter in GM’s IPO, however it was dropped without reason. The person who leaked the email, the details of email content and how wide the email was distributed is unknown, but GM said the e-mail went to various institutional investors.

GM has claimed the e-mail does not reflect its views, while GM’s disclosure limits the company’s liability. It’s also unlikely that UBS or the employee would face any repercussions from the SEC but that revenue dent is already made.

It is known that up to 80% of all data breaches do not become public knowledge, and here is a typical case. If it was’nt for the disclosure in the IPO filing the public would be non the wiser. There must be at least 10 major data breaches happening everyday that are impacting revenue, jobs and investor confidence. Data leaks through emails is a big challenge to information security but progress seems to be very slow in this area.

Enterprise rights management have solutions that prevent employees from sending emails to wrong recipients, this solution with data leak prevention or context sensitive DRM can prevent scenarios like the one that happened to UBS. It is estimated that UBS lost £6.2m in revenue as a result of being dropped by GM.