Financial services firms are prime targets for cybercriminals

Cybercrime threatens all kinds of businesses and organisations, but there are certain forms of personal data records that can be particularly highly prized by cybercriminals. Financial services firms represent valuable targets for hackers, as the information they hold can be lucrative.

The cybercrime landscape has evolved in a way that seeks to take advantage of the increasing aggregation and digitisation of personal information by businesses. Many companies now keep huge stores of personal information relating to customers and stakeholders, as well as their own workforces. Unfortunately, some businesses do not have the strong cybersecurity and data protection policies to keep data safe and secure, which can lead to breaches of data protection law.

Even when a cyberattack occurs, it is not solely hackers that are to blame for an incident. If the company that was attacked did not have appropriate defences in place, they can be at fault for failing to protect information. If you have been affected by a data breach incident like this, you may be eligible to make a compensation claim.

Why are financial services firms targeted?

When considering why financial services firms are at threat from cybercrime, it is first important to look at the nature of the information they hold. Firstly, the customer information held by these firms can be prime material for fraud and scams, due to the expansive nature of the data records, which could cover anything from ID information, such as passports, to basic contact details like email addresses. Of course, the bank account and payment card information can often be valued most highly, but contact details can also be used to target victims with scams.

Cybercriminals may also be looking to uncover other company information by targeting financial services firms, whose internal operations are often kept under wraps. Intellectual property, company strategies and other trade secrets could give hackers a lucrative insight that they may be able to put to use in further malicious schemes.

The Equifax data breach – one of the biggest financial services hacks of all time

The infamous Equifax data breach, which occurred in 2017, affected tens of millions of customers across the US, Canada and the UK, with around 700,000 of the victims being UK-based. The incident demonstrates how devastating the consequences can be when financial services firms neglect cybersecurity. In this incident, cybercriminals were able to exploit a known vulnerability, enabling them to steal swathes of sensitive information, including financial data, account login details and driving license numbers in some cases.

It is unforgivable that a company with such important data protection responsibilities failed to repair the flaw in their systems, which is why we are bringing a group action against Equifax. We are seeking compensation for eligible clients on a No Win, No Fee basis.

Data breach claims

Financial services firms, like all data controllers, have a duty to protect the personal information they hold, or they could be liable for a breach of data protection law. As experts in data protection law, we can help you through this difficult and distressing situation, fighting for the compensation you deserve.

To find out more about making a potential No Win, No Fee claim, contact our team today for free, no-obligation advice here now.

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