Tandem Bank Data Breach – Could You Claim Compensation?

This guide will explore the action you could take should a Tandem Bank data breach occur. There are certain pieces of data protection law that outline the responsibility data controllers and data processors have to protect your personal data.

Tandem Bank Data Breach Claims Guide

Tandem Bank Data Breach Claims Guide

A data controller sets the purpose for processing, whilst a data processor acts on behalf of the controller. In some cases, a data controller will process the data themselves.

As a data controller, a bank must adhere to data protection laws. We will look more at the responsibilities they have throughout this guide.

Additionally, we will explore what personal information a bank may hold about you and how this information could become compromised.

To learn more, please continue reading. Alternatively, you can contact our advisors today. Our friendly team is available 24/7 to offer you free legal advice.

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Tandem Bank Data Breach – Could You Claim Compensation?

A personal data breach is a security incident where personal data is lost, altered or destroyed accidentally or unlawfully. It can also involve unauthorised access or disclosure of personal data.

Personal data is any information that could identify you, such as your name or email address.

The UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018 (DPA) set out the framework that data controllers and processors should follow to protect your personal information.

If a data controller failed to adhere to data protection law, your personal information could become compromised. If you suffered emotional harm or monetary losses as a result, you could be eligible to seek compensation.

For information about the steps you could take should a Tandem Bank data breach occur, get in touch.

Financial Service Data Breach Statistics

The Information Commissioner’s Office (ICO) is a non-departmental body that upholds rights and freedoms. The ICO produces a quarterly report looking into the latest data security incident trends.

Between Q2 of 2019 to Q2 of 2022, there were 32,541 cyber and non-cyber security incidents. Of these, 3,082 affected the Finance, Insurance, and Credit sector.

What Data Could Be Held By A Bank?

Banks can hold several types of personal data about you, such as:

Additionally, they could hold another type of personal data, known as special category data. This is given extra protection under data protection law due to it’s sensitive nature. Examples of special category data can include:

  • Information relating to a trade union membership
  • Biometric data
  • Information relating to your racial or ethnic origin.

If a bank failed to adhere to data protection law, your personal data could become breached. There are different ways this could happen, such as through human error or as a result of a cyber security incident. Examples include:

  • The bank not updating its cybersecurity measures, resulting in your personal data being stolen during a ransomware attack.
  • An email containing special category data is sent to the wrong person.
  • A letter containing details about your account is sent to the wrong postal address.

To discuss the steps you could take should a Tandem Bank data breach occur, please get in touch on the number above.

How Could A Data Breach Affect You?

There are several ways in which a breach of your personal data could affect you. For example, if your personal information is compromised in a personal data breach, you could experience an effect on your finances due to your banking details being compromised. This could lead to money being stolen from your account or loans being taken out in your name which could have an impact on your credit score.

The personal data breach may also result in you suffering mentally. For example, you could be caused stress, anxiety, distress, or post-traumatic stress disorder, in more severe cases, as a result of your personal data becoming compromised.

In some cases, you may be able to seek compensation for the way in which the breach has impacted your life. However, it would need to be demonstrated that the failings of a data controller or processor led to your personal data being compromised and caused you monetary loss or mental harm as a result.

To find out if you are eligible to make a data breach claim, speak to an advisor at any time using our live chat feature.

Steps You Could Take Should A Tandem Bank Data Breach Occur

There are several steps that could be taken following a breach of your personal data. For example, the organisation is responsible for notifying the ICO of the breach within 72 hours and the data subject without undue delay if the breach has affected their rights and freedoms.

Additionally, there are steps you could take. For example, you can make a complaint to the organisation responsible for the data breach. You could ask them to clarify what personal data was compromised and what steps they plan to take to ensure this doesn’t happen again in the future.

However, if they do not respond or their response is not satisfactory, you can report the incident to the ICO. The ICO can investigate the breach, and their findings could be used as evidence to support your potential claim if you are eligible to seek compensation.

To learn more about the steps that could be taken should a Tandem Bank data breach occur, please get in touch with our team.

What Compensation Could Be Awarded For A Personal Data Breach Claim?

A data breach settlement could include compensation for two types of damages. These are:

  • Material damage: This head of claim relates to the financial losses you have accrued due to the personal data breach. To claim these losses back, you will need to provide evidence such as bank statements or credit score reports.
  • Non-material damage: This head of claim relates to the psychological harm you have suffered due to the breach of your personal data. This could include stress or anxiety due to a data breach.

Using the compensation figures listed in the 16th edition of the Judicial College Guidelines (JCG), we have created the following table. Data breach solicitors can use this document to help them value the non-material damage head of claim.

Please only use this table as a guide as several factors can influence the payout you receive.

Edit
Type of Harm Notes Compensation Bracket
Psychological Damage (Severe) The prognosis is very poor and personal relationships and working life are impacted. £54,830 to £115,730
Psychological Damage (Moderately Severe) The person is unable to cope with aspects of daily life, but there is a more optimistic prognosis. £19,070 to £54,830
Psychological Damage (Moderate) The prognosis is good and there are noticeable improvements. £5,860 to £19,070
Psychological Damage (Less Severe) How much sleep and other activities were impacted could affect how much compensation is awarded. £1,540 to £5,860
Anxiety Disorder (Severe) The person is unable to work, or function the same as they did before the trauma. £59,860 to £100,670
Anxiety Disorder (Moderately Severe) Significant disability is likely to continue in the foreseeable future. However, there is a better prognosis with recovery from professional help. £23,150 to £59,860
Anxiety Disorder (Moderate) Ongoing symptoms will not be grossly disabling. A large recovery will have also been made. £8,180 to £23,150
Anxiety Disorder (Less Severe) A mostly complete recovery is likely to have been made within two years and any ongoing symptoms are minor. £3,950 to £8,180

To learn more about the data breach compensation you could be eligible to receive, please get in touch on the number above.

Call Us Should A Tandem Bank Data Breach Occur

A solicitor from our panel offering their services on a No Win No Fee basis could benefit you. They can offer you a Conditional Fee AgreementGenerally, under this agreement:

  • There are no fees required to be paid to your solicitor for the services they provide upfront, during the course of your claim, or if your claim is not successful.
  • Following a successful claim, your solicitor will take a percentage of your compensation. This is known as a success fee and is subject to a legal cap.

To find out more about No Win No Fee agreements or to see if you can make a claim, contact our advisors. They are available 24/7 to offer you free legal advice and answer any questions you may have concerning your specific claim.

You can get in touch by:

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We hope this guide exploring the steps you could take should a Tandem Bank data breach occur has helped. However, if you have any other questions, please get in touch using the details provided above.

Article by EO

Publisher EI