
What data breach risks do social media platforms pose?
When social media companies are processing the personal data of UK residents they must adhere to the UK GDPR. There are two pieces of legislation
You could be in line for compensation if your personal bank account has been affected by a data breach in the last few years.
Data breaches have been featured in
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Data breaches occur when unauthorised parties are able to access your private information. Sometimes a breach can occur due to malicious hackers who gain unauthorised access to personal information. On other occasions, a breach can be due to human error, for example, if your bank information was mistakenly sent sometime later to an old address where a former partner still lived.
All banks take on a responsibility to protect your information and funds when you register with them. The amount of compensation you’re entitled to will scale with the damage the data breach does to the person involved.
The types of damage are as follows:
Financial Losses – This is the loss of money within your account. Those who have had their credit/debit card numbers leaked are at risk of this, and without quick action to cancel those cards, they can be used in a wide number of untraceable, irreversible ways – resulting in hard-earned money being stolen.
Distress – Having reports of your private information outed can be highly emotionally devastating. After all, what’s the difference between that and having your diary taken? Your personal records can be used to harm you in a lot of ways, physically as well as mentally.
Banks are responsible for protecting your money, and keeping information regarding it safe from all but your eyes. However, through human error or weaknesses in the systems, both have been stolen from many organisations.
Tesco Bank is one such example, being fined £16.4 million for weak cyber-security tools that led to a cyber-attack which affected thousands of customers back in 2016. Following an investigation, the FCA described the cyber attack, which affected more than 8,000 personal current account customers, as “avoidable”.
The attackers are thought to have used an algorithm to generate genuine Tesco Bank debit card numbers and were able to engage in unauthorised debit card transactions amounting to £2.26 million. The FCA found that the bank had failed to exercise due skill, care and diligence with its card procedures, fraud detection, cyber-security and its initial response to the incident. Tesco Bank subsequently devoted resources to improving the deficiencies that originally left the bank susceptible to attack.
Financial institutions like banks and building societies are expected to have cyber security measures which are robust, resilient and vigilant.
Tesco Bank
Number of records compromised: 8,261
Date: 2016
What happened: You could claim compensation if your bank or building society has been affected by a data breach that has caused you hardship or distress.
If you are one of the millions of people who have had their information accessed and even tampered with illegally, you can make a claim for data breach compensation for the inconvenience, distress, annoyance and loss of control of your data.
Typically, data breach claims have an expiration of six years, and all banking institutions have to report a breach by law and also inform the affected customers. We urge you to look out or research any breaches in your bank’s past. If you were a customer with them at that point and time, you may be entitled to make a claim.
We will connect you directly to our most trusted data breach specialists to help you check if you have a valid claim and help you get the compensation that you deserve.
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Peter is a solicitor who has worked as a professional litigator for 3 years. More recently Peter has specialised in data breach compensation claims and over the last 2.5 years has gained a wealth of knowledge in this sector. Peter now works with us to share his knowledge and inform the general public.
Data breaches have been featured in the national press.
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