Data Breaches: Protecting Consumers From Financial Harm
Last updated on March 12, 2024
Personal data is a precious commodity, and its security is vital to the privacy and financial well-being of internet users. Many companies have poorly defined and maintained security measures, leaving data vulnerable to attack and theft. Stolen data poses a risk and causes damage to individuals, and companies with lax protocols should be held accountable for their lapses.
At Edelson Lechtzin LLP, our data breach lawyers have a long history of holding corporations responsible for their misconduct. In our view, no company is above accountability.
The Rising Cost Of Data Breaches
According to IBM, there was a 12.7% increase in the average cost of data breaches between 2020 and 2022. Data breaches put consumers at risk for financial harm caused by:
- Identity theft
- Ransomware
- Fraud
- Account Theft
Companies are required to take reasonable measures to protect customers and employees from data breaches, including safely storing information and alerting affected individuals of a breach in a timely manner. If these steps are not properly taken, the company should be held liable for financial losses incurred by affected individuals, including reimbursement for any financial harm caused by the data breach.
Current Data Breach Class Actions And Investigations
Our data breach lawyers constantly monitor new data breaches and investigate these matters so that we can act quickly in the event of a significant event. Our current data breach investigations and pending class action lawsuits include:
- Regal Medical Group: This breach impacted the medical information of clinics, hospitals and doctors’ offices across Southern California.
- TMX Finance Corporation: On April 5, we began investigating this breach regarding the financial information of nearly 5 million people.
- Independent Living Systems: This breach occurred between June 30 and July 5, 2022, and impacted more than 4.2 million people.
When we learn about a new data breach, we speak with potentially impacted consumers and find out how the mishandling of their personal data has hurt them.
Common Questions About Data Breaches
What qualifies as a data breach, and how can I tell if I’ve been affected by one?
A data breach occurs when private information is stolen by a party (or parties) without permission to access it. Some data breaches are accidental, but most are committed by bad actors. Regardless of the motive behind a data breach, the exposure of personal information poses a serious risk to all affected.
If you were impacted by a data breach, you will be notified soon after the breach has been discovered. The period of notice is different in each state, though it tends to be between 30 and 45 days after a breach becomes apparent.
What types of information are typically leaked in a data breach?
Data breaches can compromise a wide variety of confidential information. Some details that may be exposed during a data breach include:
- Addresses
- Banking information
- Medical records
- Passwords
- Personal photographs
- Phone numbers
- Social security numbers
If my data has been breached, will a class action lawsuit help me?
A class action data breach lawsuit is one possible way victims can secure compensation. Class action data breach lawsuits have become more common in recent years as more large-scale data breaches have been occurring. While these lawsuits can benefit victims by lowering the cost of their legal bills (thereby allowing people who cannot afford to take legal action by themselves to join in), the compensation they can collect may be limited. A data breach lawyer can help you determine whether joining a class action data breach lawsuit is appropriate in your situation.
How are data breaches investigated, and how can a data breach lawyer assist with this process?
When a data breach occurs, it is up to the company the data was stolen from to investigate the crime. A business may partner with digital forensics professionals to find evidence of the breach in their system and determine who had access to confidential information. The business must then take steps to secure this information to ensure no further breaches happen.
While the company responsible for the data breach performs its investigation, a data breach lawyer can help victims gather evidence demonstrating its impact. The more evidence victims have to support their claims, the better their odds of obtaining compensation.
How long do I have to file a data breach lawsuit?
As a data breach victim, the time you have to file a lawsuit depends on where you live. For instance, you have two years to file a data breach lawsuit in New York and three years in California. As a general rule, though, you should file your data breach lawsuit as soon as possible after receiving notice of the incident.
Talk To Us About Your Data
Our data breach lawyers want to hear from anyone impacted by a large data breach and their struggles in the aftermath. We offer free consultations and do not take a fee unless we can successfully recover for you.
Call our office at 844-696-7492 or email us to get started.