Mortgage Broker Data Breach Compensation Claims
By Stephen Hudson. Last Updated 5th December 2022. Have you been subjected to a data breach that was the fault or responsibility of a mortgage broker? If the answer is yes, you could be entitled to compensation.
A guide to claiming after a mortgage broker data breach
We could assist you in making a claim following a mortgage broker data breach.
In this guide, we will inform you on how to report a data breach and what legal advice you can seek.
If you would like to make a claim, get in touch now. Take the following steps:
- Call us on 0800 073 8804
- Send a message via our live chat function, which can be found towards the bottom of this screen
- E-mail our team at info@legalexpert.co.uk
- Use our contact form
Select A Section
- What Is A Mortgage Broker Data Breach?
- How To Report A Data Breach By A Mortgage Broker
- How A Mortgage Broker Could Suffer A Data Breach
- What Personal Or Financial Data Could A Mortgage Broker Hold?
- How Can My Mortgage Data Be Used By Scammers?
- Mortgage Broker Data Breach Compensation Calculator
- How To Find Data Breach Solicitors
- Talk To Us About No Win No Fee Claims
What Is A Mortgage Broker Data Breach?
The Information Commissioner’s Office (ICO) states that a data breach is a breach of data security that results in the unlawful or accidental alteration, disclosure, loss, destruction of or access to personal data.
Article 4 of the UK General Data Protection Regulation (UK GDPR) defines personal data as information that can identify a natural person (the data subject).
As a data subject, you can be identified, directly or indirectly, by identifiers such as your name, location data and social media, to name a few. Additionally, you can be identified by factors specific to your physical, physiological, genetic, mental, economic, cultural or social identity.
An example of a mortgage broker data breach could be when they provide insufficient online security, meaning cyber attackers can easily access your personal data unlawfully. This may include employment details, income, outgoings and other household information.
Who Are The Largest Mortgage Brokers In The UK?
The largest mortgage brokers in the UK are as follows:
- Lloyds
- Nationwide
- Santander
- NatWest (including the Royal Bank of Scotland or RBS)
- Barclays
- HSBC
Not all of the largest UK mortgage brokers have a full range of mortgage options. When we talk about mortgage brokers we tend to refer to those that have a history of lending more money.
Data Breach Statistics
Data breaches in the UK are recorded by the government’s Cyber Security Breaches Survey 2021.
The survey indicates that cyber security breaches are a serious threat to all types of businesses and charities.
You can find statistics from the survey below:
- The most common threat reported last year was phishing
- Others impersonating an organisation in emails or online was the second most common threat for businesses and charities
- The least reported threat to businesses in 2021 was unauthorised listening into video conferences or instant messages
If you have been affected by a mortgage broker data breach, you could be entitled to data breach compensation. Our team is available 24 hours a day, 7 days per week to answer your queries.
How To Report A Data Breach By A Mortgage Broker
If you are reporting a mortgage broker data breach, the ICO recommends that you take a number of steps.
Firstly, you should attempt to contact the organisation directly. You can complain to the ICO if there is no response, or you are not satisfied with the response given.
Following this, you should report your concerns to the ICO in full detail. You should attempt to do this without any delay. The ICO might not investigate the report if you take too long.
Furthermore, you may consider seeking legal advice at any point.
You could have 1 year to claim against a public body. However, you could have 6 years to claim against a non-public body.
Our team of advisors can help you with any queries on how to report a data breach incident. Get in touch now for free advice.
How A Mortgage Broker Could Suffer A Data Breach
There are several types of data breaches and ways in which a mortgage broker can suffer a data breach. Below you will find some examples of how a data breach could happen:
- Personal data is kept on paper records but not securely stored
- The mortgage company may have substandard cyber security provision
- There could be theft or loss of devices containing personal data
However, data breaches don’t always happen by human error and can happen through a cyberattack, such as a hack, or through viruses like ransomware.
Additionally, the mortgage broker would need to be found as responsible for the data breach for you to be able to make a claim. You’d also have to suffer financial loss or psychological harm (or both) as a result of the breach.
How Can My Mortgage Data Be Used By Scammers?
If your personal information is leaked or stolen due to a mortgage company data breach, then there are numerous ways scammers may try to use it for crimes, including identity fraud or theft of money. As mentioned in the previous section, there are various forms of personal and financial information a mortgage broker may collect from you. What types of information scammers can access due to a mortgage data security breach will likely determine what types of crimes they may attempt against you.
If a scammer does not have access to your financial details but has acquired some of your personal details, then they may try to gain access to your finances through methods such as phishing or a fraudulent phone call.
What Personal Or Financial Data Could A Mortgage Broker Hold?
A few examples of personal data that mortgage brokers may collect include your name, date of birth, address, phone number, housing needs and tenancy details.
Brokers will also gather financial data to determine if you can secure financing for a mortgage. This information may include a credit report plus your income, assets, credit card data and employment documentation.
Don’t hesitate to get in touch if you are ready to make a claim. Our team of advisors could connect you with a solicitor from our panel if you have favourable grounds to make one.
Mortgage Broker Data Breach Compensation Calculator
There are two forms of damage that you can claim for in the event of a mortgage broker data breach.
The first is material damages, which covers any financial losses caused by the data breach such as cybercriminals using your personal data to commit identity theft.
The second is non-material damages. This covers any psychological harm caused by the incident.
On the other hand, the Court of Appeal heard Vidal-Hall and others v Google Inc (2015) and held that, after a data breach, you don’t need to have endured financial loss in order to claim for psychological harm. Before this case, you could only claim for psychological harm if you’d also suffered financially. Now, you can claim for one or both damages.
We’ve put together a compensation table using figures from the Judicial College Guidelines (JCG) to help you calculate an estimate of the award you may receive. Solicitors, insurers and courts use the JCG to determine compensation settlement amounts.
| Injury Type | Severity | Compensation Range | Additional Comments |
|---|---|---|---|
| Post-Traumatic Stress Disorder (PTSD) | Severe | £56,180 to £94,470 | All aspects of your life are affected, including your ability to work. You may not be able to work at all. |
| General Psychiatric Damage | Moderately Severe | £17,900 to £51,460 | You will struggle with aspects of your life. There may be problems managing relationships but there will be some recovery. |
| General Psychiatric Damage | Less Severe | £1,440 to £5,500 | Daily activities and sleep may be affected. |
| Post-Traumatic Stress Disorder (PTSD) | Moderate | £7,680 to £21,730 | You will likely have made a recovery with any continuing effects not being too much of an issue. |
| Post-Traumatic Stress Disorder (PTSD) | Less Severe | £3,710 to £7,680 | Minor symptoms persist but a full recovery will have been made within one or two years. |
If you have suffered any injuries like stress after a data breach, get in touch now. Use our live chat channel to speak to an advisor.
How To Find Data Breach Solicitors
If you have evidence to support making a data breach claim, then you may be searching for help from mortgage claim experts to help you claim. We would recommend hiring a data breach solicitor who has previous experience in handling mortgage company data breaches.
We could potentially connect you with one of our data breach solicitors if our advisors feel you have strong grounds for a claim. Our solicitors have experience in handling a wide variety of cases including those involving mortgage companies. They can also work with you under a No Win No Fee agreement. You can learn more about such agreements in the next section of our guide.
Talk To Us About No Win No Fee Claims
A No Win No Fee agreement offers a more affordable solution to using the services of a solicitor following a data breach.
Using this method of legal action means there are no upfront or ongoing fees to your solicitor. If you are unsuccessful in your claim, you won’t have to pay anything at all.
Your No Win No Fee solicitor earns a legally-capped percentage of your compensation if you are successful.
If you think you are ready to take action following a mortgage broker data breach, you may want to consider starting a claim with Legal Expert. Use any of the following methods to contact us:
- Call us on 0800 073 8804
- Send a message via our live chat function, which can be found towards the bottom of this screen
- E-mail our team at info@legalexpert.co.uk
- Use our contact form
Data Breach Victim Resources
Finally, we’d like to offer you some resources that you may find useful.
Data Protection – Government guidance on data protection.
ICO Guide on Data Protection – The ICO provide guidance for organisations that process personal data and how companies can ensure their compliance
Financial Conduct Authority (FCA) – Information on the FCA, which regulates mortgage brokers in the UK
Please find below some additional guides from Legal Expert below:
No Win No Fee Data Breach Solicitors – A way to gain legal representation without any upfront or ongoing solicitor fees
Lost/Stolen Device Data Breach – What to do if you think you have suffered a data breach as a result of a lost or stolen device
Lost Or Stolen Paperwork Data Breach Claim – An in-depth look at the process of making a lost or stolen paperwork data breach claim for compensation
If you have been the victim of a mortgage broker data breach and would like to make a claim, get in touch with our team of advisors today.
Written by Jennings
Edited by Victorine
