Can I Make A Claim After A Bank Data Breach?

If you suffer from a bank data breach and you have suffered financial damage or harm to your mental health, you may be owed compensation. In this guide, we will discuss what happens if you’re harmed because of a data breach and how to make a valid claim. 

bank data breach

A guide to claiming after a bank data breach

In addition to advising you about compensation for a bank data breach, we also go through the benefits of using a No Win No Fee solicitor. We want you to get the maximum compensation that you could be owed.

Perhaps you might be ready to talk to someone about your situation. Our team can offer free legal advice with no obligation whatsoever to use our services. You can get in touch with us by using the live chat feature on your screen. Otherwise, you may:

  • Call any day of the week on 0800 408 7827
  • Request a call back by completing the form at the top of this page
  • Contact us and get one step closer to making a claim

Choose A Section

  1. Can I Claim Compensation For A Bank Data Breach?
  2. How Much Could I Get For A Data Breach By A Bank?
  3. What Is A Bank Data Breach?
  4. How Much Time Do I Have To Claim Data Breach Compensation?
  5. Could I Have A No Win No Fee Solicitor?
  6. Further Guidance On Bank Data Breach Claims

Can I Claim Compensation For A Bank Data Breach?

The Data Protection Act 2018 contains provisions that allow you to seek data breach compensation if you have suffered due to a data breach. The Act sits alongside the UK General Data Protection Regulation (UK GDPR) and states that compensation can be given for ‘damage’. However, you must have evidence to support what you say in order to make a valid claim. 

If you were to prove that you had suffered mental harm, you could seek medical attention. Medical reports prove the extent of injuries such as anxiety, stress or post-traumatic stress disorder (PTSD). It would be beneficial to undergo a psychiatric evaluation with an independent medical expert too, which we can arrange if you use our services.

On the contrary, it’s much more difficult to prove financial damage because it is not as apparent as psychological harm. Subsequently, a data breach solicitor could benefit you as they can make sure that you cover all bases of any financial harm. Our panel of solicitors can help you, but only if you have a valid claim. 

How Much Could I Get For A Data Breach By A Bank

To help you estimate how much you could get for a bank data breach, we’ve taken guidelines from the 16th edition of the Judicial College Guidelines (JCG), produced in April 2022. Solicitors use the JCG to value injuries based on cases previously settled in court. Therefore, we can use the JCG to give you an estimate of what you might claim for non-material damage, which relates to psychological harm caused by the incident. Please note, the compensation brackets are estimates and do not represent the final figure you may receive.

Injury Compensation Range

Severe Psychiatric Damage£54,830 to £115,730

The prognosis is not good and relationships in your personal life are detrimentally affected.
Moderately Severe Psychiatric Damage£19,070 to £54,830You may be unable to cope with life and work.
Moderate Psychiatric Damage£5,860 to £19,070The prognosis is much more optimistic than in the above brackets.
Less Severe Psychiatric Damage £1,540 to £5,860Your ability to carry out daily activities may suffer.
Severe Post-Traumatic Stress Disorder£59,860 to £100,670The severity of your PTSD may leave you unable to work.
Moderately Severe Post-Traumatic Stress Disorder£23,150 to £59,860Significant disability is likely to affect you going forward.
Moderate Post-Traumatic Stress Disorder£8,180 to £23,150Ongoing symptoms are not too intrusive and your recovery will be good.
Less Severe Post-Traumatic Stress Disorder£3,950 to £8,180A full recovery is expected to be made within one or two years.

What Goes Into A Data Breach Claim?

It is also possible to claim for material damage, which relates to financial losses that stem from the bank data breach. For example, criminals may steal money from your bank account.

If banks do not have adequate security measures in place, incidents like such can happen. Back in November 2016, some Tesco Bank users had money from their personal current accounts stolen by fraudsters. The UK financial regulator, the Financial Conduct Authority, fined Tesco Bank after they were found to have not provided due skill, care and diligence in protecting their customers. 

If you are struggling to understand who was at fault for your bank data breach, speak to an advisor for free legal advice. They could connect you to a solicitor from our panel to get the data breach compensation you might be owed. 

What Is A Bank Data Breach

The Information Commissioner’s Office (ICO) is responsible for enforcing data protection legislation and can fine organisations for breaches of data protection laws. A personal data breach is a security incident that leads to personal data being accessed, lost, destroyed, changed or disclosed unlawfully or accidentally. 

Data breaches can be committed by cyber criminals, for example through phishing scams or ransomware threats. Alternatively, human error can result in a bank data breach. There are several ways digital and physical data can be breached through human error, including:

  • Data sent to the wrong recipient: For example, a bank may accidentally email someone’s personal data to the wrong person. Additionally, if a bank does not update a person’s address, even though they advise the bank of this, personal data could be sent to their old address and fall in the hands of the wrong person. 
  • Verbal disclosures: Conversations about someone’s personal data, such as their bank statement, should only be discussed with the data subject or those with the relevant authority. Furthermore, the conversation should be in a secure space, where unauthorised people cannot hear what is going on. For example, banks usually have private booths where staff can speak to individuals.
  • Incorrect disposal of paperwork or hardware: Anything that contains personal data, whether it is paperwork or hardware, should be properly disposed of to avoid someone accessing the information. 

Latest ICO Statistics 

The finance, insurance and credit sector reported 185 data security incidents to the ICO in Q3 of 2021/22. Out of those incidents, 131 were non-cyber whilst 54 were cyber. However, it is worth noting that these figures are deduced from reports that were notifiable, so the number of incidents could be bigger.

Our advisors can discuss your situation free of charge with no obligation to use our services. However, given our panel of solicitors can offer their expertise on a No Win No Fee basis, you could benefit from our services.

How Much Time Do I Have To Claim Data Breach Compensation?

The Limitation Act 1980 sets a time limit for making a bank data breach claim. Under the Act, you have up to 6 years from the date your data was breached or when you first suffered any financial harm because of the incident. 

Due to the strict time limit, it is crucial you seek legal advice as soon as you become aware that you are the victim of a bank data breach or you’ve experienced financial loss. Our panel of solicitors may be able to help you make a strong, valid claim.

Could I Have A No Win No Fee Solicitor? 

We believe anyone who has a valid claim has the right to take action. Financial barriers should not prevent you from getting the legal representation you deserve. That’s why our panel of solicitors offer their services on a No Win No Fee basis. Not only does this agreement avoid an upfront solicitor’s fee, but you also won’t pay your solicitor an ongoing fee for their work. Furthermore, you won’t pay the solicitor their fee at all if they fail to get you a settlement. 

Additionally, if your claim succeeds, you’ll pay your solicitor a legally capped percentage from your settlement. Article 5 of the Conditional Fee Agreements Order 2013 states that the fee is capped at 25%. However, this percentage can be lowered.

Get Advice On How To Claim Compensation For A Bank Data Breach

If you choose our services, beginning a claim can be easy. Our advisors can discuss your case for free and may put you in touch with a solicitor from our panel if you have a valid claim. It’s simple enough to get in touch with us too. You could use the live chat feature to connect to our team now, or you can:

  • Call us on 0800 408 7827
  • Request a call back by scrolling to the top of this page and completing a form
  • Contact us for more information

Further Guidance On Bank Data Breach Claims

We hope you’ve found this guide useful and feel confident to make a bank data breach claim. Here are some additional resources that might help you.

Special category data – The ICO teaches you all you need to know about special category data.

Stress – A data breach may cause you stress. Get help from the NHS.

Statutory Sick Pay (SSP) – Government advice on getting sick pay.

This concludes our guide on claiming for a bank data breach. Call now for a free consultation.

Publisher Ruth Vernon

Writer Lewis Julius