A Data Breach Can Potentially Impact Your Whole Life ? Can You Claim Compensation?

In nowadays digital world, your personal data values more than you can imagine. But too often, human error or carelessness business processes can lead to data breach. If your personal info ends up in the wrong hands, it can have serious consequences, including financial losses and emotional distress.

Trusting a company to keep your data safe and finding out that your information has been lost can be very frustrating. Most people get confused about what to do next: do they have the rights to claim compensation?

If you’ve lost your data due to security failures by a specific business, then you have the right to claim compensation.

At Data Breach Law, you will find answers to every particular question you have regarding data breaches. A data breach is a release of private information to a third party without your agreement. Because of such mistakes, sensitive information could also lead to a cyberattack.

The data breach has been all over the news lately, but what exactly does data breach mean?

Personal Data Breach Examples

• Physical breach
• Skimming
• Electronic breach

Whether it’s about searching for your discarded medical bills or a cybercriminal targeting your businesses’ system to steal customer info, it’s essential to take the right steps to secure your electronic media to protect your company from falling victim to a cyberattack.

Can You Claim for Data Breach?

The short answer is yes. It’s normal to trust in organizations to protect our data when agree to discuss it, so we expect them to have it saved in safety systems. However, this doesn’t happen all the time, and the damage a data breach can cause is significant. You could suffer financial losses and stress. These impacts can have a knock on the rest of your life, as they can impact your personal relationships with your family and friends. A data breach is also called “robbing” or “burgling”.

You can receive compensation, but how much? It all depends on the seriousness of the breach and how it impacted your life.

If you need free legal advice, don’t hesitate on contacting Data Breach Law – the solicitors have years of experience claiming compensation for people whose data was lost. So, contact a data breach solicitor to help you claim for your financial loss, privacy loss, and emotional pain.

It’s understandable that making a claim is stressful – especially if you are dealing with data exposure. It’s wise to make sure that you know what’s happening with your case, so hiring a data breach solicitor will help you keep things under control.

A data breach can occur in any type of business, industry, school, government, organization, etc. In the past couple of years, tech firms, retailers, and banks had been victims of a data breach. If you own a company, be sure to secure your clients’ data. If you were a victim of a data breach, be sure to make a data protection compensation claim.

Data Breaches Are Becoming More Alarming

Technology advancements have definitely made our lives easier, but it came with unwanted side effects, as well – like leading to increased cybercrime. We rely on the internet for pretty much everything: work, entertainment, and communication. But all the data is being exposed out there, and often, gets in the hands of cybercriminals. Security experts said that cybercriminals are spying on many digital companies each day, and what’s worse is that companies aren’t immune to these attacks. This matter can only make businesses develop good habits of cyberattack.

Why data breach becomes more alarming? One explanation could be that hackers’ practices become more sophisticated, and, due to the many reveals by security experts, it is true. However, research also shows that most businesses have undersized organizations that cannot handle cyberattacks.

79% of IT consultants don’t trust their cybersecurity system, and another 5% of company documents aren’t properly stored. With these reveals, it does not come out as a surprise that data is being breached. Since last year, security experts have discovered hundreds of incidents, many of the companies being blackmailed with sensitive personal data. Other reports suggest that 90% of healthcare organizations have lasting financial effects after a data breach. They claim that they don’t have the necessary budget to secure their systems properly. It is an enormous issue because telehealth is becoming more common, and healthcare systems are moving their records online, which brings us to the conclusion that we are about to see more data breaches in the future.

The situation is even more frustrating for patients, as they cannot protect themselves. It’s incredibly different how a person manages their personal social media account, from how healthcare companies manage patients’ data. It simply gets out of their control.

Cybercrime Is Predicted to Cost the World $10.5 Trillion/Year By 2025.

Cybercrime produced total damage of $6 trillion globally in 2021. Cybersecurity Ventures expects global cybercrime to grow by 15% annually in the following couple of years, achieving $10.5 trillion by 2025. It is indeed a great economic transformation, perhaps the highest in history. The damage cost valuation is based on old cybercrime statistics.

Cybercrime involves stolen cash, theft, destruction of data, lost productivity, lost data, robbery of personal and financial data, restoration of hacked data and systems, reputational harm, etc. Cybersecurity figures really have an exploratory worth due to pointing to gaps, increasing threats, and awareness of tech trends. The task that all companies should make a priority is adjusting data into a practical and nimble risk organization approach to protect their clients. The statistics for 2021-2022 are a sign to all companies to make an effort to invest in advance their security systems and bring innovation in place if they want to secure data breach costs.

The value of a brand depends entirely on how well it manages its data, the quality of its cybersecurity, and cyber resilience. So, companies should make it a priority to keep data and sensitive information properly stored from malicious mediators.