What Bank Data Breach Compensation Amount Could I Receive?

In this guide, we discuss when you could be eligible to make a personal data breach claim and the bank data breach compensation amount you could be awarded if you succeed.

bank data breach compensation amount

What Bank Data Breach Compensation Amount Could I Receive?

You will receive a settlement if you make a successful personal data breach claim. This guide discusses what this could include and how your case could be assigned value. We also examine the eligibility criteria you must satisfy to proceed. Additionally, we explore how evidence can support your case and what you might want to supply.

There are different parties who have an obligation to protect your personal data. Each must adhere to the data protection laws in place to set out their responsibilities with regard to the handling, storing, and processing of your personal data. If they fail to do so, it could lead to a personal data breach. Within this guide, we have explored in more detail the roles these parties have, the laws they must abide by, and what a personal data breach is.

Lastly, we outline the advantages of instructing a solicitor on a specific No Win No Fee basis.

For more information, please contact an advisor. They can offer free advice 24/7 and answer any questions you might have about seeking data breach compensation. To reach them, you can:

Choose A Section

  1. What Bank Data Breach Compensation Amount Could I Receive?
  2. When Am I Eligible To Claim Bank Data Breach Compensation?
  3. How Could A Bank Data Breach Happen?
  4. Evidence That Could Support A Financial Data Breach Claim
  5. Claim A Bank Data Breach Compensation Amount On A No Win No Fee Basis
  6. Learn More About Claiming Bank Data Breach Compensation

What Bank Data Breach Compensation Amount Could I Receive?

All successful personal data breach claims will see a settlement awarded. Your settlement could include compensation for non-material damage, the psychological harm caused by the breach of your personal data. This could include mental damage such as anxiety or post-traumatic stress disorder (PTSD).

The Judicial College Guidelines (JCG) might be referred to when estimating how much your non-material damage compensation might be worth. The JCG contains guideline compensation brackets for different types of harm. These figures have been used to provide the table below. 

Award Brackets

Please remember that, although useful, the guideline valuation brackets from the JCG are only to be used as a guide and are not guaranteed due to the unique nature of each case.

Harm TypeSeverityGuideline BracketDescription
Psychiatric DamageSevere£54,830 to £115,730All aspects of person's life affected by marked problems, with a poor prognosis.
Moderately Severe£19,070 to £54,830Several aspects of the person's life affected by significant problems. However, a much more optimistic prognosis will be present.
Moderate£5,860 to £19,070A marked improvement will be made. This leads to a good prognosis.
Less Severe£1,540 to £5,860This bracket is assessed on the severity and period of disability.
Post-Traumatic Stress Disorder (PTSD)Severe£59,860 to £100,670Person's life badly affected with permanent effects that prevents them from returning to pre-trauma levels.
Moderately Severe£23,150 to £59,860Some recovery made with professional care leads to a better prognosis. Despite this, the person will have a significant disability for the foreseeable future.
Moderate£8,180 to £23,150Persisting symptoms will not be grossly disabling due to a large recovery being made.
Less Severe£3,950 to £8,180Only minor symptoms will persist beyond two years. Within this time, virtually a full recovery is expected.

Bank Compensation Amounts – Claiming For Material Losses After A Data Breach

Your settlement could also comprise compensation for material damage; the financial loss you’ve experienced due to the personal data breach. A breach of your personal data could result in a range of consequences, including identity theft, fraud and lost earnings from being unable to work due to the mental harm caused.

Examples of the losses for which you could seek compensation and the evidence you could provide to substantiate your claim include:

  • Credit card reports or bank statements that outline unauthorised transactions made using your credit or debit card
  • Payslips to show a loss of earnings

Speak with our advisors today if you’re unsure what bank data breach compensation amount you could be entitled to. They could estimate your possible personal data breach compensation and answer your questions.

When Am I Eligible To Claim Bank Data Breach Compensation?

Data controllers, often an organisation like a bank, set the purpose and means for processing your personal data. Whilst they can process the data themselves, they might outsource this task to a data processor who would act on the controller’s instructions.

Controllers and processors must comply with the Data Protection Act 2018 (DPA) and the UK General Data Protection Regulation (UK GDPR). These are the two pieces of data protection legislation that protect the personal data of UK residents. If either the controller or processor fail to adhere to these laws, a personal data breach causing mental harm, financial loss, or both could occur.

If you’re unsure what a personal data breach is, the Information Commissioner’s Office (ICO) provides a definition. The ICO uphold information rights and freedoms in the UK. They state that a personal data breach is a security incident that impacts the availability, integrity and confidentiality of personal data. The ICO also define personal data, explaining that it’s information that can identify someone when used alone or with other information, like your name or bank account details.

You must meet certain eligibility criteria to make a personal data breach claim.

  • There were failings on the part of a data controller or processor to abide by data protection laws.
  • Due to their failings, your personal data was compromised in a breach.
  • Due to the personal data breach occurring, you suffered psychological damage, monetary loss or both.

Contact our advisors now to find out if you’re eligible to receive a bank data breach compensation amount. They will run a free case check to uncover it’s validity.

How Could A Bank Data Breach Happen?

As mentioned, personal data is information that can be used to identify you, such as your name, email address, postal address, credit or debit card details. Additionally, there is another category of personal data called special category data. This is considered more sensitive and, therefore, requires extra protection. Examples can include biometric data when used for identification purposes.

Banks can hold personal data and special category data. Examples of how this could be affected in a breach can include:

  • Should a bank have poor cyber-security, they could be vulnerable to a hack. If this occurs, personal data like your name and address could be stolen and used for identity theft.
  • If a bank sends your bank statements containing your account details to the wrong email address, despite having the correct information on file for you, this could cause an email data breach and lead to money being stolen from your account.

Each of these instances could cause your mental harm alongside the financial loss, such as anxiety or stress. A data breach compensation amount could be awarded in a successful claim to address the way a breach of your personal data has affected you.

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Evidence That Could Support A Financial Data Breach Claim

You must satisfy key eligibility criteria to proceed with your personal data breach claim. Evidence could help prove that a personal data breach occurred, why it happened and how it affected you.

To help when seeking a bank data breach compensation amount, consider collecting evidence, such as:

  • Medical records that prove you suffered diagnosed psychological damage
  • Bank statements to outline the amount of money stolen from your account
  • Credit reports that show how your credit score has been negatively affected
  • Correspondence with the bank, where they inform you of the breach and outline which of your personal data has been affected

You may not know what evidence you need to support your case or how to gather it. Contact our advisors now for a free consultation. If your case is eligible, a solicitor from our panel could help gather evidence as part of their service.

Claim A Bank Data Breach Compensation Amount On A No Win No Fee Basis

You may want expert advice from a solicitor if you have an eligible case. Consider appointing one under a Conditional Fee Agreement if this is the case. This is a specific type of No Win No Fee contract offered by our panel of solicitors, which provides several benefits to claimants.

You wouldn’t have to pay for your solicitor’s service upfront or during the case. You also wouldn’t have to pay for their service if your case is unsuccessful. However, you would be required to pay if your case won. In this instance, your solicitor will take a percentage of your compensation as their success fee. However, the percentage has a legal cap.

So, if you’d like to take advantage of these benefits, contact our advisors to see if you can. They offer 24/7 advice, free of charge, and can assess the eligibility of your personal data breach claim. They could also estimate the bank data breach compensation amount you could be entitled to.

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Learn More About Claiming Bank Data Breach Compensation

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Thank you for reading this guide about the potential bank data breach compensation amount you could be entitled to if you made a successful claim.