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According to recent research, pension scheme data breach numbers have seen a significant increase in the past year or so. A study by Sackers, a specialist pension law firm, has reportedly highlighted fundamental data security issues in the industry, as the survey of businesses reportedly found that some 35% of trustees and employers had reported data breaches to their pension schemes.
The study comes not so long after the Now: Pensions data breach was revealed to the public at the end of 2020, which involved the exposure of approximately 30,000 customers’ private information. This is an action that we represent victims for on a No Win, No Fee basis.
The results of the study may lead to some much greater scrutiny of the pensions industry, and companies may need to reconsider their approach to data protection going forward. Our team here at Your Lawyers, as leading, specialist data breach lawyers, is concerned to see these figures.
Sackers have reportedly outlined key data protection issues in their pension scheme data breach study, with certain figures suggesting that companies do not always regard data breach incidents as serious. Of the data breaches said to have been recorded by the study, only 45% were reported to the Information Commissioner’s Office (ICO). This means that over half were not subjected to external regulatory scrutiny, which is alarming.
A representative of Sackers stressed that the pensions industry, like any other industry, was naturally vulnerable to breaches and cyberattacks. It also highlighted that the majority of data protection breaches are prompted by human or systematic errors.
Sackers has emphasised the importance of following correct procedures and reporting data breaches to the ICO, as notifying the correct authorities is essential to tackling data breaches effectively.
For pension companies themselves, a pension scheme data breach may require action in response, or may even result in substantial fines depending on the scale and severity of the breach. However, it is important to remember that the effects on the victims can be harmful.
When registering on a pension scheme, a large degree of sensitive information can be requested of employees. This can include work-related details like National Insurance numbers and payroll information, to personal and financial information such as addresses and bank account details.
The sensitive nature of such information can make a pension scheme data breach devastating for the affected pension holders, who may encounter information misuse from criminals seeking to commit fraud with their exposed data. They may simply suffer from substantial distress at the thought of their data being exposed as well.
The figures produced by Sackers indicate that there needs to be greater accountability for pension companies in terms of reporting breaches to regulators. However, if you have fallen victim to a pension scheme data breach, you can take action to hold the company accountable by making a data breach claim.
It may be that the blame lies with the pension company itself, or with the employer who has registered you on the scheme. In any case, you deserve to be fairly compensated for any harm caused, whether it came as financial loss or emotional distress (or both)
If you wish to learn more about your right to make a compensation claim, simply contact our team today for free, no-obligation advice. With our expert experience in data breach law, we can guide you to the correct course of action for your data breach case.
The content of this post/page was considered accurate at the time of the original posting and/or at the time of any posted revision. The content of this page may, therefore, be out of date. The information contained within this page does not constitute legal advice. Any reliance you place on the information contained within this page is done so at your own risk.
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