Data breaches come with a range of different security risks, some of which can make victims vulnerable to financial loss. When a data breach exposes customer billing information, this risk can be even more pronounced, as the details could give cybercriminals direct access to credit cards or bank accounts.
As such, it is highly important that companies store customer payment information securely, and only retain details where absolutely necessary, or where the customer has given express permission for the data to be recorded. If they fail in any of these duties, they could be at fault should an unauthorised third party gain access to this information.
If you have had any payment information exposed in a data breach, you will probably know how stressful it can be to have the threat of financial crime looming over you. While it can be hard to trace the perpetrators of online theft and fraud, it is not as difficult to punish the data controller responsible for exposing your information. A data breach compensation claim can give victims the opportunity to see that justice is done.
Data breach incidents that expose financial data
We are representing clients for a number of incidents that caused the exposure of billing information. Among these is the Ticketmaster data breach, which was found to have affected 9 million customers across Europe. A third-party chatbot used on Ticketmaster’s website had opened up a security vulnerability via which a cyber-attacker could access customers’ payment information.
The British Airways cyberattack provides another example of payment information exposure. Ordinarily, when a data breach exposes customer billing information, the details are partially redacted. However, in the British Airways data breach case, credit card numbers, expiry dates and three-digit security codes (CVV) were leaked.
You can join our BA data breach compensation action here if you have been affected by that breach.
The consequences – what happens after a data breach exposes customer billing information?
The aftermath of billing information exposure can make victims vulnerable to different kinds of fraud and scams. In some cases, the information will not be enough to allow criminals to steal money directly from their victims’ bank accounts, so they can use it to make their scams look more authentic. For example, including a partial version of a victim’s card number in a phishing email may convince them that the scammer is a real, reputable company, making it easier to persuade victims into disclosing further personal data.
Identity fraud is also made possible when a data breach exposes customer billing information. With card or bank account details, criminals may be able to make unauthorised transactions in victims’ names.
Data breach compensation claims
Beyond the financial losses that can be caused by data breaches, their emotional impact can also be severe for those affected. The constant worry or anxiety over potential theft can make for a highly unhealthy mental state for some data breach victims.
Regardless of the degree of distress or loss suffered, victims of data breaches may be able to make compensation claims. A claim can allow you to hold the data controller in question accountable for the incident, which is vital if they are to be dissuaded from acting in the same way again.
Contact our specialist team for free, no-obligation advice today if you think you may have a compensation claim to make.
IMPORTANT: advice on this page is intended to be up-to-date for the 'first published date'.
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First published by Author on December 15, 2021
Posted in the following categories: Claims Cybersecurity Data GDPR Security Technology and tagged with British Airways Data Breach | compensation | cybersecurity | data breach | data controllers | online security | personal data