My Financial Information Was Shared – Data Breach Claims Guide
Was your financial information shared in a personal data breach? Did this cause you to suffer either emotional or financial harm? You may be wondering if you can make a claim.
Financial information shared compensation claims guide
The consequences of a data breach can be significant, and you may be able to claim if it negatively impacts your finances or emotional well-being.
This guide explains who could be eligible to claim compensation following a personal data breach. We will also explain what personal data is and whether or not data protection legislation protects financial data.
Our advisors are on hand to assess your claim for data breach compensation. If they find that you could be eligible for compensation, they may connect you with one of our expert solicitors. Our advisors can also offer free legal advice, and more help with starting your claim.
To get in touch:
- Call us on 0800 073 8804
- Request a callback and contact us online
- Or use the live chat feature
Select A Section
- Financial Data – Is It Covered By The UK GDPR?
- Who Could Access Your Financial Information?
- What Could Cause Financial Information To Be Shared Unlawfully?
- Examples Of Financial Information Being Shared
- My Financial Information Was Shared, What Could I Claim?
- How To Claim If Your Financial Information Has Been Compromised
Financial Data – Is It Covered By The UK GDPR?
All UK residents are protected by two pieces of legislation called the Data Protection Act 2018 (DPA) and UK General Data Protection Regulation (UK GDPR). This legislation outlines the steps that organisations must take when processing and collecting personal data, and both are enforced by the Information Commissioners Office (ICO). The ICO is an independent data protection watchdog.
Personal data is any information that can identify you, including your name, email address, banking details, and phone number. If a security incident occurs that affects the integrity, availability, or confidentiality of this data, then this is a personal data breach.
The UK GDPR lays out the criteria for claiming, as not all personal data breaches will result in a valid compensation claim. Therefore, in order to claim, you must prove that:
- The breach affects your personal data
- It occurred as a result of the organisation’s failings
- It led to you experiencing harm
Data Breaches In Finance Statistics
Under data protection law, organisations must report some data security incidents to the ICO. These reports are collected and published by the ICO to give some insight into quarterly data security incident trends. 309 data security incidents have been reported so far in 2022 the finance, credit and insurance sector according to the ICO.
To learn more about making a personal data breach claim after you financial information is shared, contact our team of advisors today.
Who Could Access Your Financial Information?
There are many different types of organisations that could have access to your financial information. Some typical parties who can access and share financial information include:
- Bank and building society staff
- Investment companies
- Pension providers
- Mortgage brokers and lenders
- Credit card providers
- Local authorities
- Utility providers
- Employers and payroll staff
- Store and retail outlets
However, if an organisation unlawfully shares your financial information, this could allow a number of unauthorised parties to access it.
Contact our advisors today if your financial information has been shared unlawfully to find out if you can claim. Or, continuing reading to learn more.
What Could Cause Financial Information To Be Shared Unlawfully?
There are many ways in which financial information could be shared unlawfully. According to data protection law, all organisations must establish one of the six lawful bases in order to process personal data. Consent is only one of these bases, so it is possible that an organisation could share your personal data without your consent but still lawfully.
An organisation could unlawfully share your financial information as a result of:
- Human error: For example, an employee at a bank could accidentally send your bank statement to the wrong email address. Or, they could post it to the wrong postage address.
- Verbal disclosure: For example, if a payroll employee verbally discloses financial information from your file to an unauthorised party.
- Failure to redact: Unredacted documents can allow unauthorised parties to view your financial information without authorisation. For example, if a bank does not redact your information before sharing your documents.
If your financial information was shared unlawfully, get in touch with our advisors today.
Examples Of Financial Information Being Shared
In 2018, the credit rating agency Equifax was fined £500,00 by the ICO. This was due to a cyberattack in 2017 that affected the sensitive data of nearly 700,000 UK data subjects.
The ICO found that the agency’s UK branch had “failed to take adequate steps” to protect the personal data held on UK data subjects. This included keeping data for longer than necessary, and “multiple failures” on the part of the agency leaving the data open to vulnerability.
( Source: https://www.bbc.co.uk/news/uk-england-essex-45574163 )
To learn more about making a claim if an organisation has shared your financial information, contact our advisors today.
My Financial Information Was Shared, What Could I Claim?
If your financial information was shared unlawfully and this has caused you harm, you may be able to claim two types of data breach compensation: material damage and non-material damage. The head of claim that provides compensation for the financial aspects of the breach is material damage.
For example, if your sort code and account number are compromised, this could allow criminals to steal money from your account or use your details to commit identity theft. This could damage your credit score, as well as leave you in debt.
| Type of Injury | Details | JC Guideline Award Bracket |
|---|---|---|
| Psychological Harm | Marked and significant injuries in areas of work, relationships and future health. | (a) Severe – £54,830 to £115,730 |
| Psychological Harm | A long-standing and permanent illness with a better long-term prognosis than the bracket above. | (b) Moderately Severe – £19,070 to £54,830 |
| Psychological Harm | A discernable improvement by the time the claim may be heard in court. | (c) Moderate – £5,860 to £19,070 |
| Psychological Harm | Reflective of the length of illness and whether any phobias or specific anxiety issues were caused. | (d) Less Severe – £1,540 to £5,860 |
| Post-Traumatic Stress Disorder (PTSD) | A profound, permanent and far-reaching impact on all areas of the person’s life. | (a) Severe – £59,860 to £100,670 |
| PTSD | Some recovery can be achieved with professional help. | (b) Moderately Severe – £23,150 to £59,860 |
| PTSD | A large recovery is achieved, with only non-disabling symptoms that remain. | (c) Moderate – £8,180 to £23,150
|
| PTSD | A complete recovery within a 24 month period and only minor symptoms persisting beyond this period. | (d) Less Severe – £3,950 to £8,180 |
Non-material damage is the head of claim that addresses the psychological impacts of the data breach. For example, if you suffer from anxiety because of a data breach, then you could claim compensation for this under non-material damage.
The table above showcases figures from the Judicial College Guidelines (JCG). These are guideline compensation amounts that solicitors use when valuing claims for non-material damage.
Also, it is important to stress that these amounts are not guarantees, they are only guidelines. To learn more about claiming if your financial information is shared, get in touch with our advisors today.
How To Claim If Your Financial Information Has Been Compromised
If you intend to start a personal data breach claim, you may be wondering how a solicitor could help you. Our solicitors could help you with a No Win No Fee arrangement such as a Conditional Fee Agreement (CFA). Under this kind of agreement, you can access all the benefits of legal representation, typically without paying your solicitor any upfront fees or ongoing costs.
Generally, the only fee your solicitor will take is a success fee in the event of a successful claim. This is a small percentage of your compensation award with a legal cap. But, if your claim doesn’t succeed, your solicitor won’t take this fee.
If you think this arrangement could help you, contact our team today. They can offer free legal advice, and they can also tell you if you have a valid claim. If you do, an advisors from our team could put you in contact with a solicitor from our panel. To learn more:
- Call us on 0800 073 8804
- Request a callback and contact us online
- Or use the live chat feature
Banking & Financial Data Breach Resources
In conclusion, the resource articles below offer further information on this topic:
- More on bank data breach compensation
- Has the data breach issue impacted a joint bank account?
- Learn how to claim for stress due to a data breach
- If you’ve been impacted by a pension data breach, you can read our guide on the eligibility requirements and steps for making a claim in response.
In addition to this, you can find further reading on:
To learn more about making a claim after your financial information was shared, get in touch with our team.
