What is a Banking & Financial Data Breach?
This is a breach or misuse of your personal, private and financial data (or information) by the negligence of:
- A bank or building society
- Credit card, credit reference or loans company
- Insurance companies including pension advice
- Accountants and other financial advisors
- Investment companies
- Tax and money specialists
- Arms of the government such as Her Majesty’s Revenue and Customs (HMRC)
- or any other financial organisation
And if you have been a victim of any of the above organisations who have breached your banking or financial data then you may be eligible to claim compensation.
How is your Banking & Financial Data Breached?
In today’s digital world, most banking and money transfers are now done electronically and this can open itself up to abuse and breach by hackers and cyber criminals. That is why it is so important that banks provide solid protection and solutions for its customers.
Unfortunately, the most common ways that your banking and financial data is breached is still by:
- Human error
- Poor internal security services
- Insecure or vulnerable holding and storage of your information
- Inadequate training within the company
Is Banking & Financial Data Serious?
Yes. 71% of all data breaches are financially motivated. Banks and trusted financial institutions handle your hard earned money and sensitive data and should be accountable for any negligence or mismanagement of your data and finances. And this figure is on the rise as almost 500% more data breaches are happening each year. One of the worst hit sectors is retail banking. And scarily 90% of all data breaches are caused by human error and so could have been avoidable according to the Information Commissionaires Office (ICO).
Can I Make a Claim?
Yes, it’s easy and simple to make a claim and speak with our experts and solicitors to get free initial legal advice on whether your financial or banking data has been breached.
CEL Solicitors are experts in data breaches and cybercrime, did you know we also specialise in financial misselling? You are in safe hands with CEL Solicitors, a firm that deals with banks, data breaches and financial miselling every day!
By law (GDPR) the organisation must inform you that your data has been breached, or hacked, compromised or lost and that is the easiest way to know you have a claim for a data breach.
Even if your data breach has not resulted in a financial loss we can still help you to claim compensation for any stress and inconvenience. For example, we understand that you have wasted precious time having to speak with your bank, cancel cards, change passwords and more. So if your personal banking and financial information has not been properly protected, you have a right to claim compensation even when you haven’t suffered financially as a result.
CEL Solicitors will provide free initial advice as to whether or not we consider that you have a banking or financial data breach and we will take the stress away from making a claim by contacting the financial organisation responsible for the breach and ensure that we hold them accountable getting you the justice and compensation you deserve.
How much compensation do you get for a banking and financial data breach claim?
You can be awarded compensation for:
- Financial loss
- Breach of data
- Identity Theft
- Distress and inconvenience
We deal with each case on an individual basis as each case and circumstance is unique. The amount of compensation you may receive will depend on:
- the severity of your circumstances
- the sensitivity of the data
- the amount of financial loss
- the severity of any associated emotional distress caused
- as well as any other relevant factors
On average at CEL Solicitors our clients receive almost £2,000 for a data breach, which is much higher than the £750 outlined in test law however as stated above this can increase to up to £25,000+ or decrease depending on the individual circumstances of the case and severity of the data breach.