It can be a very alarming situation when your personal data and bank details are compromised. Read this guide to find out how our panel of solicitors assist with bank data breach claims and whether you could be eligible to receive compensation.
Key Takeaways
- Your personal data, which is the information that can be used to identify you, is under the protection of UK law.
- You may be able to claim for a bank data breach if you can show that your bank failed to protect your data as outlined by the law, causing the breach of your personal data. This must also have resulted in a psychological injury, financial impact or both.
- Your bank data breach compensation considers factors such as the extent of your psychological injury and the costs you have incurred (such as lost earnings due to taking time off work to recover).
- You will need evidence to strengthen your data breach claim.
- For example, you could provide bank statements to show lost income.
- Our panel of data breach solicitors represents claims through No Win No Fee contracts, which are a great way to proceed without the fear of upfront costs.
You can contact our advisors at any point for further information about bank data breach claims. They understand that starting a data breach claim can be a big decision and are happy to help with any questions you may have. They can determine whether you are eligible to move forward with a claim and potentially connect you with a No Win No Fee solicitor from our panel:
- Call us on 020 8050 3051
- Submit an online contact form
- Use the live chat pop in the corner
Frequently Asked Questions
- What Is A Bank Data Breach?
- What Are Bank Data Breach Claims?
- Compensation Payouts For Bank Data Breach Claims
- I Think My Information Was Stolen, What Do I Need To Make My Claim?
- How Much Will It Cost Me To Make A Claim For A Bank Data Breach?
- Can A Solicitor Help Me Start My Claim?
- More Information
What Is A Bank Data Breach?
A bank data breach occurs when your personal data becomes compromised. We define personal data in the following section.
The UK General Data Protection Regulation (UK GDPR) and Data Protection Act 2018 are laws that require organisations that process personal data to protect this data. The Information Commissioner’s Office (ICO) is the public body that holds organisations to account in terms of data protection law.
The ICO refer to a data breach as an event whereby data is accidentally or unlawfully:
- Lost
- Altered
- Destroyed
- Accessed or disclosed without authorisation
What Kind Of Banking Information Could Be Leaked In A Data Breach?
Your bank holds at least some of your personal data. This refers to information that could be used to identify you as the data subject, either directly or indirectly. For example, your:
- Postal address
- Name
- Telephone number
The bank will also hold your financial data. However, this information is not legally protected as it cannot be used in isolation to identify you. Typically, when a bank data breach occurs, it will involve your personal information paired with your financial data. Therefore, you may be eligible to claim if this has caused you psychological distress or financial loss (or both).
How Do Data Breaches Happen?
A data breach could be cyber or non-cyber, meaning it may involve the digital sphere or physical paper copies of data. Furthermore, a breach may be the result of malicious intent or human error. Here are some examples of how a data breach can occur:
- An employee at the bank sends your new credit card to the incorrect address. They made an error when selecting the house number, so it was delivered to your neighbour.
- Your bank fails to implement recommended updates to its security systems. This allows cybercriminals to access your account and steal your data.
- You overhear an employee at the bank verbally disclosing your personal data to an unauthorised person.
If you’re still not sure what constitutes a bank data breach, you can contact our advisors. They can explain in further detail and let you know whether your situation would be considered a data breach. You can keep reading to find out about bank data breach claims.
What Are Bank Data Breach Claims?
You could be eligible to proceed with a bank data breach claim if you can show that:
- A bank failed to adhere to UK data protection law
- Therefore, your data was involved in a data breach
- This resulted in a psychological injury and/or financial losses
If you have any questions about bank data breach claims, you can contact our team of advisors at any time. We understand that you may seek straightforward answers, and this is the easiest way to get them.
Compensation Payouts For Bank Data Breach Claims
Compensation for bank data breach claims may be awarded for two types of damage. These are material and non-material damage, which we will explain in the next sections.
Non-Material Losses
Non-material losses compensate you for the psychological injury you have experienced. For example, you may experience anxiety due to the fear of someone misusing your personal data.
Legal professionals, or others involved in the claims process, may use the Judicial College Guidelines (JCG) when assessing non-material damage. This document combines compensation guidelines with different types and severities of injury.
We have included some of these figures in the table below. However, it is important to note there is no guarantee of the compensation you could receive. Many factors could impact your compensation award. Therefore, we suggest that you reach out to our team of advisors for a free claim assessment. This allows them to discuss the specifics of your claim in detail and offer a tailored estimate.
The first figure in this table does not come from the JCG.
| Type of Injury | Severity | Compensation Guideline Amount | Notes |
|---|---|---|---|
| Multiple injuries with financial losses | Severe | Up to £500,000+ | Various psychological injuries with associated costs, such as the cost of therapy and relocating. |
| Psychiatric damage generally | Severe | £66,920 to £141,240 | Claimant will experience problems such as poor prognosis and difficulties coping with daily life |
| Moderately severe | £23,270 to £66,920 | Psychological injury will cause difficulties but with a more optimistic prognosis than in severe cases | |
| Moderate | £7,150 to £23,270 | The injured person will have significantly improved their condition and have good prognosis | |
| Less severe | £1,880 to £7,150 | Bracket considers the amount of time the person was disabled by their psychological injury and the impact it had on daily activities/sleep | |
| Post-Traumatic Stress Disorder | Severe | £73,050 to £122,850 | Injury causes lasting impact, preventing the person from functioning as they did before the traumatic incident. |
| Moderately severe | £28,250 to £73,050 | Some recovery gained through professional help, however serious disability will continue | |
| Moderate | £9,980 to £28,250 | Claimant will mostly recover and any persisting impact will not result in severe disability | |
| Less severe | £4,820 to £9,980 | Person is almost completely recovered within one to two years |
Material Losses
You could also be eligible to receive bank data breach compensation for material losses. These aim to recover the expenses you have had to make due to the compromise of your bank data, including:
- Costs for psychological treatment, such as therapy
- Money spent on relocation
- Lost income or earnings (if you have taken time off work to recover from injury)
You can contact our advisors if you have any queries about what the compensation for bank data breach claims covers. They can assess the various factors of your claim and estimate your compensation level.
I Think My Information Was Stolen, What Do I Need To Make My Claim?
You will need to provide evidence in order to claim compensation for a bank data breach. This could include:
- Written confirmation of the data breach- your bank should send you a notification letter or email to inform you of the breach and which parts of your information are at risk
- The results of an ICO investigation- you can report a data breach to the ICO, whose findings may strengthen your case
- Bank statements or payslips (this applies if you have suffered financial impact)
- Medical records or a letter from a therapist (these can show that the breach has psychologically impacted you)
How Can I Prevent Further Losses After A Bank Data Breach?
If you are the victim of a bank data breach, you may be worrying about the future impact. You can take the following steps to protect yourself:
- Contact the bank to ask them which pieces of your data were compromised
- Change your passwords if they have been compromised
- Contact your bank if you notice any suspicious transactions
- Set up two-factor authentication for your accounts (this adds an extra layer of security)
- Sign up to a credit monitoring agency to notify you if anything changes in your finances
You can contact our advisors for further information about how to protect yourself. They understand that a data breach can be a stressful scenario and are there to help you with your concerns.
How Much Will It Cost Me To Make A Claim For A Bank Data Breach?
Many data breach victims want to make a claim for compensation but have worries about legal fees. Keep reading to find out how our panel of solicitors offer legal representation without exorbitant charges.
Conditional Fee Agreement
Our panel represents eligible bank data breach claims through Conditional Fee Agreements (CFA). This type of No Win No Fee arrangement means that you do not have to pay for your solicitor’s work:
- Before the claim starts
- While it is ongoing
- If you do not receive bank data breach compensation
However, if you do gain a compensation award, you will need to pay a success fee. This is a percentage of the compensation that you pay to your solicitor. There is a legal cap in place, so you do not need to worry about losing all of the bank data breach compensation. You will keep the majority of the award.
Keep reading to find out more about how our panel could assist you, or get in touch with our advisors to find out more. They can answer any questions you have about the fee arrangement.
Can A Solicitor Help Me Start My Claim?
Our panel of data breach solicitors are dedicated to helping our clients succeed. They can help your claim by offering:
- Specialist legal expertise that can help advance your claim
- A personable approach to law that means they will help you with any concerns or questions you may have
- To approach the defending party on your behalf and see if they can reach an agreement with them outside of court
- Years worth of experience in negotiating compensation values to cover the relevant losses
- A No Win No Fee contract (as discussed in the previous section), allowing you to proceed without worrying about massive legal costs
You can contact our team of advisors to enquire about these services. They can assess whether you are eligible and provide you with a case assessment free of charge. You are under no obligation to proceed with a bank data breach claim after you have spoken to our team, so why not reach out?
Contact Us
- Call us on 020 8050 3051
- Submit an online contact form
- Use the live chat pop in the corner
More Information
Check out our other data breach guides:
- Learn about credit score data breaches
- Find out about GP surgery data breach claims
- Read about retail data breaches
Further resources:
- NHS mental health guidance
- Learn how to make a complaint to the ICO
- Follow the advice for individuals and families from the National Cyber Security Centre (NCSC)
Thank you for reading this guide on bank data breach claims.
