Financial Services Data Breaches
We trust banks and financial institutions with our earnings, our savings and our investments. And just like other organisations holding your personal data banks have an obligation to keep your personal data (and your money!) safe and secure in accordance with the law as set out in the GDPR and the Data Protection Act 2018. However it is our experience at DRM banks and financial institutions occasionally breach their data protection responsibilities. Some failures are the result of banks having inadequate data protection policies and procedures in place to ensure the safe and secure handling of your data. Sometimes the staff entrusted to handle your personal data have not been given sufficient training which results in personal data being lost or destroyed. Or sometimes, as a result of human error, sensitive personal data is sent to the wrong person.
At DRM Legal we understand how disruptive and upsetting it is when your personal data is lost, or shared accidentally with an unauthorised person. We are here to help our clients to claim compensation for the distress and embarrassment caused by breaches of your personal data by banks and financial institutions.
Banks are liable for the failure to protect your data if they did not follow their own internal procedures (such as data destruction policies) or if their security systems are inadequate. Data breaches by banks sometimes occur because of human error, but more often their data breaches are the result of their defences being breached by cybercriminals.
If you believe that you are a victim of a data breach by a bank or financial institution, contact our team at DRM Legal to help you to claim the compensation that you deserve. We give our clients our undivided attention when making a claim for data protection breaches. Unlike many other data breach solicitors, we will not ask you to join a group action with hundreds of other people claiming for the same breach. Everybody is different and should be treated as an individual so we will always focus on how the data breach has affected you, and only you.
Examples of data breaches by UK banks and financial services
The number and scale of data breaches in the financial services industry has grown exponentially in recent years with hacking and malware thought to be responsible for nearly three-quarters of all the breaches.
According to a recent report in Information Age between 2017 and 2018 the number of data breaches reported by UK financial services firms increased by a staggering 480%.
Numbers at a glance
- Insurers — 33 in 2018, up from seven in 2017
• Consumer retail lending — 21 in 2018, up from four in 2017
• Retail investments — 11 in 2018, up from none in 2017
Recent data protection headlines involving banks include:
In October 2018, Tesco Bank was fined £16.4 million by the Financial Conduct Authority as a result of a cyber attack that led to £2.26 million being taken from personal accounts.
In April 2017, seven of the UK’s largest banks believed to include Santander and Royal Bank of Scotland were forced to shut down their entire systems following a cyberattack.
Compensation for financial loss
If you have suffered financial loss as a result of a bank compromising your personal data you should be entitled to recover from the bank the amount that you have lost. In addition, and depending on the circumstances of your case, you may also be entitled to compensation for any distress you have suffered.
If you have suffered a data breach by a bank, you will know how far-reaching its affects can be. The loss of funds and/or the loss of personal data (including passwords and security codes) may a profound effect on your private life. It may also cause significant distress. And the initial stress you suffer when you become aware of the breach may result in a diagnosis of anxiety or depression or it may exacerbate an existing medical condition. Following a data breach many of our clients experience stress, disrupted sleep, anxiety and confidence issues. At DRM Legal, we take these ill effects fully into consideration when we pursue a compensation claim on your behalf.
We understand that distress affects everybody differently and we are here to help you through this. If you have suffered a data breach or if your personal data has been lost, you have the right to claim compensation.
How to make a data breach claim against a bank or financial institution
Get in touch with our team to find out whether you may have a data breach claim. If we think that you do have a valid claim for compensation, we will act for you on a no win-no fee basis. This means you have nothing to lose by pursuing your claim, whether or not it succeeds.
Once you have given us the details of your claim, we will consider these and let you know how much compensation you could receive if you were to make a claim. You can then instruct DRM Legal to proceed with your claim and get the compensation you deserve.
If you would like to claim, fill out our claim form now or call our team to discuss your case.