Financial services data breaches are becoming bigger and bigger problems, with some research indicating that most exposed information came from financial services data breaches last year.
According to a report from the data protection company Bitglass, compiled from data by the Identity Theft Resource Center (ITRC) and the Ponemon Institute, although the financial services industry contributed to 62% of data exposed last year, it only accounted for 6.5% of data breaches in total. This suggests that, whilst they only contribute to a small percentage of reported data breaches overall, an enormous amount of data is exposed in these breaches.
Your Lawyers (T/a The Data Leak Lawyers) is a leading firm of data breach compensation experts, and this research does not come as a surprise to us. We have pioneered data breach action since 2014 and we are passionate about fighting for justice for the victims of data breaches. We are here to help anyone that has suffered because of their sensitive information being misused or exposed in a data breach, and we offer free, no-obligation advice to victims.
Risks of financial services data breaches
According to the Bitglass report, data breaches in the financial services industry are costly, in second place behind the healthcare industry.
It is understood that an average financial services data breach could cost around £150 – £300 per record. This, perhaps, highlights the severity of financial services data breaches and the importance of having proper security systems in place to prevent such breaches occurring.
By having the correct software and systems in place, as well as up-to-date systems and regular employee training on data breach security, organisations can look to ensure they are doing as much as they can to prevent any data breaches taking place.
What can I claim for if my data has been breached?
If your data has been involved in a financial services data breach, you could be eligible to make a compensation claim with the Data Leak Lawyers.
Below is a list of factors that we consider when assessing your claim;
- Damages for being a victim generally;
- Any stress, worry, and anxiety caused;
- Defamation proceedings;
- Any recognised psychological injury or depression caused by the incident;
- The effect that the leak has had on your social and domestic life;
- Lost earnings from time off work or for lost earnings if you have to leave your employment;
- Any other financial loss or expense that has been caused as a result of the incident;
- Private treatment expenses if this can help.
Read more about what you could claim for here.
Claim with the Data Leak Lawyers today
Speak to a member of our expert legal team today to discuss your potential claim. We offer everyone free and no-obligation advice and can usually tell you in minutes if we can take your claim forward.
We also offer No Win, No Fee representation to eligible data breach victims. Subject to our terms and conditions, we can write off our legal fees if the case does not succeed.
Fill in a contact request form here to get in touch to discuss your data breach claim.
IMPORTANT: advice on this page is intended to be up-to-date for the 'first published date'.
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First published by Matthew on December 16, 2020
Posted in the following categories: Claims Cybersecurity Data Financial Data Breaches GDPR Hacking News Ransomware Scammers Security Technology and tagged with compensation | cybersecurity | data breach | data controllers | data leak | database security | finance | gdpr | online security | personal data | ransomware