In my view, interception is a red herring risk for the majority of e-mail traffic.
That is - most e-mail traffic is pretty mundane stuff and nobody in their right minds would intercept run-of-the-mill e-mails in the hope of uncovering a peachy piece of data. Not cost effective.
For my money, the chief risk with e-mail communications is the classic Sender Cockup. It's fairly easy to put the wrong address on a letter or envelope, but that only sends one letter to one wrong address - and anyone at that wrong address with mischief in mind will have to physically copy/scan the letter and disperse it themselves. E-mail however, you've a lot more scope for mistakes - 'Reply to All' options, CC when you should BCC, mis-spelled email addresses, selecting the wrong mailing list from a list of mailing lists etc etc.
The saying used to be that a lie can be halfway round the world before the truth has got it's pants on - now a data cockup can go round the globe several times in minutes.
Owen
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