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Bank Data Breach Compensation Claims Guide – How Much Compensation Can I Claim? – Amounts For Bank Data Breach

As customers, we rely on banks to keep our personal data safe and protect our money. Data breaches can happen for different reasons from cyberattacks to ransomware to colleagues sending emails to the wrong recipient. If your personal data is exposed through a data breach the company could receive a fine from the Information Commissioners Office or the ICO. Therefore, if you have been affected by a bank data breach, you may have experienced financial loss and emotional distress.

Bank data breach claims guide

Bank data breach claims guide

Determining whether you could make a data breach claim may not always be apparent. Therefore, allow Legal Expert to assess your case.

To begin your data breach compensation claim against a bank, call Legal Expert today on 0800 073 8804. If we can see that you are owed compensation for a data breach, we can provide you with a knowledgeable specialist solicitor to handle your claim. Alternatively, use our online claims form to reach us.

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A Guide To Data Breach Claims Against A Bank

The General Data Protection Regulation or GDPR as it is also known states that organisations that handle personal data must keep it safe. This means that they are legally required to protect it. The General Data Protection Regulation and the Data Protection Act 2018 are in place to ensure that organisations do not misuse your personal information. They give a lot more rights to data subjects say over how personal data can be used.

In this guide, we will look at recent bank data breaches in the UK and overseas. Moreover, we shall look at the time limits associated with making a data breach claim. Also, we will look at what impact a bank account data breach can have on those affected. Additionally, we will advise you on what you can do if your data has been breached. We will discuss what could be included in a data breach claim and what damages could receive compensation.

To begin your claim for a bank data protection breach, call Legal Expert today. Speak to an advisor who can offer free advice. Alternatively, use our online compensation claims form to contact us in writing.

Time Limits For Making A Data Breach Claim

In the UK there is a time limit on making a data breach compensation claim.

  • The time limit of making a data breach compensation claim is 6 years.
  • If you have been affected by a data breach that violated your human rights, the time limit to make a compensation claim is 1 year.

What Is A Bank Data Protection Breach?

It is normal for businesses to collect, process and store personal data from key stakeholders, such as customers and employers. Doing so is normally essential to the operation of the business. Businesses are required by law to protect and not misuse the personal data they collect. What is considered a data breach? A data breach is when the business fails to protect the data they use. This means that personal data such as names, addresses and email addresses can be accessed by unauthorised persons or stolen.

The following data security incidents are types of data breaches:

  • Data exposure.
  • The loss, alteration or erased data accidentally or deliberately
  • Data theft.
  • An unauthorised party getting access to personal data.
  • Data leaks.

People who have been affected by a data breach are more vulnerable to identity theft and fraud. Bank data breaches and bank account data breaches are particularly sensitive because criminals could potentially gain access to customer’s banking details. Enabling them to access customer’s bank accounts and steal from them.

How do data breaches happen? Data breaches could happen for a number of reasons. Firstly they could occur due to hackers or cyberattacks. Secondly, bank data breaches could also happen because of errors made by an employee. For example, a bank employee could make a mistake and send a letter intended for one customer to another. Accidentally sharing their personal data with unauthorised persons. We will look at more data breach examples, later in this guide. Banks can avoid data breaches by ensuring that rigorous data security measures are put in place. And the staff are properly trained in data security.

GDPR Challenges For Banks

All businesses and organisations are required to uphold the General Data Protection Regulation (GDPR). This is EU legislation that regulates how data is collected, processed and stored. This is to protect the privacy and security of members of the public. The GDPR is enacted into UK law by the Data Protection Act 2018.

Some key tenants of the General Data Protection Regulation are as follows:

  • Organisations have a duty of care towards the personal data that they collect, process and store from members of the public.
  • There must be adequate security systems, including cybersecurity in place to protect the data that is collected.
  • If a data breach takes place, people who have been affected are entitled to claim compensation.

Roles and Responsibilities

  • The data subject is an individual whose data is collected, processed and stored by the organisation.
  • The data controller is a single employee or team. They determine the purpose of collecting and processing personal data.
  • Organisations and businesses will sometimes hire a data processor. This is a service that is responsible for processing the data on behalf of the data controller.

GDPR Principles For Data Controllers:

  • Data collection must be fair, transparent and lawful.
  • Data must only be collected for the purpose it is intended.
  • Any personal data that is collected must not be stored any longer than necessary.
  • Data processors and data collectors must obey all laws and regulations.
  • Personal data must be kept safe and secure.
  • Minimal data must be collected
  • Any personal information collected must be kept up to date

If you have been affected by a data breach at a bank, you may be eligible to claim data protection breach compensation if you can prove that you have suffered as a consequence. Contact Legal Expert today to speak to an advisor.

Banking Personal Data Breaches

The Information Commissioner’s Office has the power to fine companies if a data breach takes place. Below is an example of an ICO data breach fine that has been given to a bank. Additionally, we have also included an example of another bank data breach overseas.

Tesco Bank Data Breach

The Tesco Bank cyberattack occurred in 2016. The cyberattack on Tesco Bank affected current account holders. As a result of the attack, the cybercriminals were able to steal £2.6 million. The Financial Conduct Authority (FCA) fined Tesco Bank £16.4 million for failing to have taken proper precautions to prevent the cyber hack.

Capital One Data Breach

In July 2019 hackers gained access to data from Capital one. The hackers gained access to over 100 million US customer credit card application details. The bank admitted that the data that had been breached included; names, addresses, date of birth as well as credit scores, limits and balances.

Capital One Financial Corp was fined over $80 million by a US bank regulator. The Office of the Comptroller of the Currency issued the fine because the bank had failed to identify and manage the risk.

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How Personal Information Could Be Breached, Hacked Or Stolen

Contrary to popular opinion, not all bank data breaches have to be malicious. A bank data protection breach could potentially happen because of human error, or because of poor data protection processes being in place at a company. Data breach examples include an employee losing a device or having it stolen. If the device contains personal data files, an unauthorised party may be able to access the data. Therefore, this can be avoided by making sure all workplace devices are password protected. In addition, employees can also cause data breaches by leaving open filing cabinets. They may contain personal information that could be accessed by unauthorised persons. A common mistake is when an employee sends a mass email out to customers or other stakeholders using the Cc bar, rather than the Bcc bar. This means that the email addresses are shared with other recipients.

Cypberattackers may try to hack banking systems. This can enable them to commit crimes such as fraud, identity theft and blackmail. If cybercriminals steal email addresses, they can send phishing emails. Phishing attempts are malicious emails where a fraudster poses as a legitimate party in order to gain private information such as banking details or passwords. They then use this information to steal from the recipient.

If you have been affected by a bank data protection breach, you may be eligible to claim compensation. Begin your claim today by contacting a Legal Expert and speaking in-depth with an advisor. If we believe that you are owed compensation, we will appoint a specialist solicitor to start working on your claim.

Reporting Banking Data Breaches And ICO Enforcement

What can you do if your data has been breached? Firstly, you need to make a complaint to the company you believe has caused your data to be breached. Secondly, you can contact the ICO if the response you get from the organisation is not appropriate. The ICO has the power to fine businesses where data breaches have occurred. We recommend that you take the following steps.

  1. Complain formally to the bank where the data breach occurred. The ICO has a helpful guide on its website for making a formal complaint.
  2. If the organisation does not respond to you in a timely manner and properly address your concerns, what should you do? At this point you can raise your notice to the ICO.
  3. We recommend that you report the data breach to the ICO within three months of the final response from the bank. The Information Commissioner’s Office is unlikely to investigate a data breach if too much time has elapsed since it took place.

My Financial Privacy Was Breached, How Could I Be Compensated?

For many people being the victim of a data breach can be as distressing as being burgled or robbed in the street. It can be a gross violation of your privacy and your sense of security when going about your day to day business. Being affected by a bank data breach can also make you vulnerable to fraud, financial losses and identity theft. A bank account data breach can be particularly sensitive, because criminals may use the data to access your bank account and steal from you.

If you have been affected by a data breach, you may be awarded these heads of claim:

  1. Non-material damages, which is compensation for any psychological distress or injuries suffered.
  2. Material damages, which is repayment for any financial losses incurred. This can include money lost due to fraud.

Calculating Data Protection Breach Compensation Claims Against A Bank

Part of your data breach compensation payout can include non-material damages. This can include compensation for any negative psychological effects of the data breach, such as feelings of anxiety, depression and PTSD. Therefore many people ask, how much compensation will you get for a data breach that caused anxiety? Compensation amounts for non-material damages for a data breach, are made in line with amounts awarded for psychological injuries in personal injury cases. So, you can use the table below to estimate how much compensation you may get for a data breach.

Injury And SeverityDetails Of The InjurySettlement Estimate
Psychiatric Damage Generally - Moderately SevereThe compensation will be calculated based on how well the claimant could deal with education, work and life in general.£17,900 to £51,460
Psychiatric Damage Generally - SevereThe compensation will be calculated based on the degree to which the claimant has been affected. The claimant may have significant problems with work, relationships and general life. £51,460 to £108,620
PTSD - Less SevereClaimants should recovery within one - two years.maximum of £7,680
PTSD - ModerateClaimants should largely be recovered. With minor continuing symptoms.£7,680 to £21,730
PTSD - Moderately SevereSignificant disability for the foreseeable future however the prognosis may be good with professional help. £21,730 to £56,180
PTSD - SeverePTSD which is severe may leave the claimant unable to work or function at a level pre-trauma. £56,180 to £94,470

The compensation amounts we have included in this table is based on personal injury claims guidance from the Judicial College. Your data protection solicitor, if you have decided to appoint one, may use the Judicial College Guidelines to value this part of your claim.

Of course, how much every claim is worth may vary according to personal circumstances. So, we recommend calling today for your free data breach claim consultation, where we can value your claim accurately.

How To Claim For A Bank Account Data Breach

To begin your bank account data breach claim you can take the following steps:

Firstly, make a formal complaint to your bank. Include all the details of the data breach and the effect it has had on you, psychologically and financially.

Secondly, if you do not receive a response that is satisfactory, contact Legal Expert to find a data protection lawyer to represent your claim.

What Should I Do If My Bank Account Suffers A Data Breach?

At Legal Expert, we pride ourselves on the skills and professionalism of our legal team. Our skilled solicitors have up to thirty years of experience handling all sorts of compensation claims. Therefore, we have good knowledge and experience to ensure your claim is filed correctly. In addition, we provide all potential claimants with a free consultation because this allows you to ask any questions before proceeding. Furthermore, our advisors will assess your case. Then they will provide free advice. After that, if they think your case has winning merits then they can connect you with specialist solicitors. And finally, if a data breach solicitor takes the case on it will be on a No Win No Fee basis.

To conclude, a solicitor will know what to include within your claim so that you are fully compensated. This is important because you can only make one claim. They will negotiate hard on your behalf to win you the maximum amount of compensation you could be owed. Therefore, to learn more about the benefits of using a solicitor from Legal Expert to handle your compensation claim, feel free to look at our online reviews.

No Win No Fee Data Breach Claims Against A Bank

We understand that those who want a solicitor to represent them worry about the costs of legal representation. Therefore, that is why all our solicitors offer their service on a No Win No Fee basis. Additionally, this means no upfront payment to your solicitor to start the claim. Instead, you only pay for the solicitor’s service if the case wins. In the unlikely event that you do not win your compensation claim for a data breach, you will not have to pay a success fee. This means there is less risk involved financially for you. This will be formalised by you signing a Conditional Fee Agreement.

Read our online guide to making a No Win No Fee claim, to learn more.

Contact A Specialist Solicitor

To claim compensation for a bank data protection breach, contact Legal Expert today using any of these methods:

Related Information On Data Breaches

To conclude, we hope this article has been helpful for you. If you want to make a data breach claim but still have lingering questions you may want to check these online guides.

Plymouth Marjon University Data Breach Compensation Claims Guide

Ticketmaster Data Breach Compensation Claims Guide

External Resources

An ICO Guide To Raising Your Concerns

How To Make A Complaint About An Organisation To The ICO

Written By Chelache

Edited By Melissa.

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