Data theft – Company to pay compensation for breaching GDPR
In the aftermath of a data leak, German digital asset manager Scalable Capital has been ordered by the Munich I Regional Court – the Landgericht (LG) München I – to pay compensation for breaching the General Data Protection Regulation (GDPR). Customers are entitled to expect that the high level of trust they place in those whom they entrust with their data is accompanied by high standards of data protection, particularly when it comes to personal data. We at the commercial law firm MTR Rechtsanwälte note that consumers who fall victim to data theft are entitled to claim compensation pursuant to the GDPR. Case in point: a ruling of the Munich I Regional Court concerning the asset management company Scalable Capital (case ref.: 31 O 16606/20). In October of 2020, the online broker disclosed that there had been a data leak which had resulted in authorized persons obtaining access to highly sensitive personal information such as the address, email, account number, taxpayer ID number, a...