Monzo Bank Data Breach – Could I Claim Compensation?
Are you wondering what steps you could take following a Monzo bank data breach? In this article, we will explain the steps you can take if a breach affects your personal data.
This article will explain what a personal data breach is and what information is classed as personal data. We will also discuss the role of the Information Commissioner’s Office (ICO) in enforcing data protection law.
If your data has been breached, you may be wondering if you can claim compensation. We will explain who is eligible to make a claim, as well as how compensation is calculated in personal data breach claims.
Finally, you may wish to seek legal advice following the breach. Our advisors can provide free legal advice and can tell you if your claim is valid. They may be able to connect you with one of our expert data breach solicitors.
To learn more, contact us today:
Select A Section
- What Could A Monzo Bank Data Breach Be?
- Types Of Financial Data A Bank May Hold
- What Errors Could Cause A Data Breach?
- Effects A Data Breach Could Have On You
- What Could I Claim Following A Potential Monzo Bank Data Breach?
- Could You Make A No Win No Fee Claim If A Monzo Bank Data Breach Occurred?
By law, organisations and businesses are required to protect and handle personal data in line with data protection legislation. Information such as names, addresses, and phone numbers all count as personal data, as they could be used to identify you. A personal data breach occurs when a security incident compromises the integrity, availability, or confidentiality of this data.
There are two main pieces of legislation that protect the personal data of UK residents. These are the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018 (DPA). These dictate how organisations such as banks must handle your personal data, and they also lay out the claiming criteria. In order to make a personal data breach claim, you must be able to prove that:
- The breach includes your personal data
- The breach is a result of the organisation’s failure to comply with data protection laws
- You suffered harm as a result of the breach
Contact us for more information on who could be eligible to make a claim. Or, to learn more about the steps you could take should a Monzo bank data breach occur, read on.
Statistics On Data Breaches In The Financial, Insurance and Credit Sector
The ICO is responsible for enforcing data protection legislation. They also collect and publish reported data security incident trends. According to their statistics, collectively, the finance, insurance, and credit sectors reported 173 data security incidents in Quarter 4 of the 2021/22 financial year. Of this number, 124 were non-cyber incidents, and 49 were cyber incidents.
Generally, many parts of financial data may not be classed as personal data. As we mentioned earlier, personal data is information that could identify you, and this can include data such as your debit or credit card information, bank account number, and sort code.
Banks can also hold other kinds of personal data. For example, your bank may hold your full name, home address, telephone number, and postcode. Special category data is a kind of personal data. According to data protection law, it requires extra protection. Special category data that your bank could hold can include your:
- Biometric data
- Trade union membership
- Racial or ethnic origin
If you have evidence of a potential Monzo bank data breach, contact our advisors today.
Not every breach of data protection can become a successful personal data breach claim due to the criteria we outlined above. Some examples of how wrongful conduct could lead to a personal data breach include:
- Cyberattacks: To make a claim following a cyberattack, you must be able to prove that the attack occurred due to the organisation’s failings. For example, they may have inadequate cybersecurity policies.
- Verbal disclosure: For example, an employee may disclose personal information over the phone to an unauthorised party without conducting the appropriate security checks, such as asking security questions.
- Human error: A common form of human error is sending personal data to the wrong address. For example, sending an email containing personal data to the wrong email address.
To learn more about what could cause a personal data breach, contact our advisors today.
A personal data breach can have significant effects on your life and well-being. A breach can cause considerable stress and can have an adverse effect on your mental health. For example, following a personal data breach, you may suffer from depression, anxiety, or post-traumatic stress disorder (PTSD).
Additional, a personal data breach can also have an adverse effect on your finances. If information such as your bank account number and sort code is compromised, this could lead to criminals committing identity fraud and using your details to take out loans or make fraudulent purchases. This, in turn, can lead to debts and a damaged credit score.
For free advice following a potential Monzo bank data breach, contact our advisors today to find out what steps you could possibly take next.
You may be wondering if you could receive compensation for a personal data breach. There are two forms of compensation you can receive when you make a successful personal data breach claim. These are material damage and non-material damage.
Material damage is compensation for the financial losses caused by the breach. For example, money that is withdrawn from your account by criminals or damage to your credit score.
Non-material damage covers the psychological injuries that you suffer due to a data breach. For example, depression, stress, and anxiety.
The table below was created using figures from the Judicial College Guidelines (JCG). The JCG provides solicitors with help when they value personal data breach claims by providing a list of psychological injuries paired with guideline compensation amounts.
|Psychological Issues||Compensation brackets||Description|
|Psychological damage: Severe||£54,830 to £115,730||There will be severe and permanent problems with in coping with day-to-day life and activities.|
|Psychological damages: Moderately Severe||£19,070 to £54,830||Similar problems to the above, though the prognosis is more optimistic.|
|Psychological damages: Moderate||£5,860 to £19,070||A good prognosis follows an improvement of symptoms by the time the case is at trial.|
|Psychological damages: Less Severe||£1,540 to £5,860||For this bracket, the award will depend on how long the effects last and how they affect your daily activities.|
|Stress Disorder: Severe||£59,860 to £100,670||Permanent and debilitating symptoms result in no function at the pre-trauma level and no prospect of employment.|
|Stress Disorder: Moderately Severe||£23,150 to £59,860||Effects have lessened but can still cause disabling effects.|
|Stress Disorder: Moderate||£8,180 to £23,150||A person has largely recovered, and the effects are no longer disabling.|
|Stress Disorder: Less Severe||£3,950 to £8,180||A near full recovery has been made within 1 to 2 years, with only minor symptoms that continue.|
The figures above are guideline amounts only and are not guarantees of what you may receive. For a free consultation, contact our team of advisors today.
Our No Win No Fee data breach solicitors can represent your case under a Conditional Fee Agreement (CFA). Generally, you do not pay upfront fees or ongoing costs with a CFA. If your claim succeeds, only then will you pay a success fee? This is a percentage of your compensation with a legal cap. However, unsuccessful claimants do not pay this fee.
Our advisors can evaluate your claim and connect you with a solicitor if they find it to be valid. Get in touch today to learn more:
Resources For Data Breach Claims
If you have been a victim of a personal data breach, you may also be interested in our other guides:
- Data breach claims for sending a fax to the wrong person
- Lost or stolen paperwork data breach claims
- Debt and arrears data breach compensation claims
- Court Case Data Breach Claims Case Study
- Conveyancing Solicitor Data Breach Claims Guide
- HIV Data Breach Claims Guide
- Hospital Mental Health Data Breach – Case Study
- My Medical Information Was Shared – Can I Claim?
- Immigration Information Data Breach – Can I Claim?
- Metro Bank Data Breach – Could I Claim?
- How To Report A Data Breach To The ICO
- Image Data Breach Claims Case Study
Or, for more helpful resources:
- ICO – Report a breach
- ICO – How to minimise the risk of a personal data breach
- ICO – Make a complaint
For more information on what steps you could take should a potential Monzo bank data breach occur, contact our team today.
Written by Welsh
Edited by Hampton