“How to get Optus Data Breach compensation?” is starting to ask, especially after the billions’ worth of Optus Data Breach class action rumors. Is it possible? According to experts, the answer is yes. Any class action lawsuit against Optus over the data breach that put users at risk of identity theft is likely to be successful. It could lead to billions in payouts, making it Australia’s biggest and most expensive case. If you want to learn how to claim, keep reading.

Data breaches and hacks are today’s biggest problems. Check out the latest data breaches and hacks before we continue: CHI Health data breach, Facebook data breach, Uber security data breach, American Airlines data breach, Medibank cyber attack, and Binance hack.

How to get Optus Data Breach compensation?

Optus was the target of a cyber attack on September 22, 2022, which exposed the private data of its clients. Customers of Optus may have had their names, dates of birth, email addresses, driver’s license numbers, Medicare card numbers, and passport information exposed. All affected customers, both present and past, will be contacted by Optus. But Optus is not the only one trying to contact; the compensation process starts here. To get Optus Data Breach compensation, first, a lawsuit is needed.

Some law firms have already started their Optus Data Breach class action investigations. In Australia’s largest-ever privacy breach, law firms filed a representative complaint against Optus for revealing the personal information of millions of clients.

Companies are required by the Privacy Act to take reasonable precautions to safeguard any personal information they possess against unauthorized access, abuse, and an interception. They could be subject to fines and asked to make restitution if they don’t. According to the representative complaints, Optus neglected to safeguard its customers’ personal information and ensure that information that was no longer needed was destroyed.

How much could the Optus Data Breach compensation be worth? There is good reason to think a class action would be successful, given that the Optus data leak has been proven. If this is the case, a court may impose exemplary (or punitive) damages to convey a message to businesses handling individuals’ private information, as well as compensatory damages to cover the time and expense of replacing identifying documents.

Even while the average economic loss per consumer may be modest, when the prospective class-action pool is large enough—up to 10 million plaintiffs—compensatory damages—even in the absence of exemplary damages— Optus Data Breach compensation could potentially reach billions of dollars.

“It hasn’t really been tested in the courts, but it’s likely the maximum fines of $2.22 million will be applied on a per “act or practice” basis, ie., per breach. It’s unlikely the fines would be specifically multiplied by each individual affected.”

Gilbert and Tobin partner Simon Burns

If the charges were assessed per person, the sum would be absolutely astronomical: $2.2 million in fines multiplied by 10 million customers would equal $22,000,000,000,000, or $22,000 trillion, which is over 275 times the size of the global economy. However, this amount is impossible to happen. According to Burns, the possible Optus Data Breach Settlement amount will be up to $5,000-$20,000 per individual. It is potentially a very big number. It means Optus will have to pay approximately a minimum of $5 billion and a maximum of $20 billion.

One thing is certain; it will be a record-breaking case in terms of compensation. Because of this, a law firm or class action funder would find this a very appealing idea.

Medibank Data Breach Class Action: Compensation can reach up to $20,000 per person

Optus Data Breach class action investigations

Millions of present and former Optus account holders were affected by a significant customer data breach, and law firms are looking into possible legal action against Optus. To get compensation, first things first, a lawsuit is a must.

The inquiry into a prospective class action lawsuit against Optus to perhaps seek compensation for those affected by the data leak is still in its early stages. Those affected by the data breach do not need to act now. But you can register your interest and strength the law firms’ claim.

These two firms already start the investigation:

• Slater and Gordon
• Maurice Blackburn

You can simply click these links and register the investigations.

Can you register both of the Optus Data Breach class action investigations?

Even if you have previously registered your interest with another legal firm, any current or former Optus customer can do so to receive updates on the inquiry as it moves forward.

What is a class action?

In a class action, one person, known as the representative plaintiff, asserts legal rights on behalf of a larger group of persons who have experienced similar harm. Even though the value of individual claims is minor, putting claims together and pursuing them collectively is economically advantageous due to the entire value of the claim.

Optus Data Breach summary

The personal information of Optus’s customers was exposed as a result of a cyberattack on September 22, 2022.

Customers of Optus may have had information exposed, including name, date of birth, email addresses, driver’s license, Medicare card, and passport numbers.

The Government has designated ACCS’s Scamwatch as the initial point of contact for information regarding what customers can do to secure their information in response to the incident. The current scams that make mention of the Optus breach are also included on Scamwatch.

The Government is carefully investigating all options to safeguard and reissue victims’ identity documents in the wake of the cyber attack while also attempting to lessen the effects of the Optus data breach.

You can get detailed guidance from ASIC’s Moneysmart website.

Outcomes of data breaches: Equifax & T-Mobile

The credit reporting firm Equifax acknowledged on September 7, 2017, that one of its computer networks had had a data leak that had exposed the personal information of 143 million clients, which eventually rose to 147 million. These records included information about the customers’ names, residences, dates of birth, Social Security numbers, and credit card numbers, all of which may be exploited for fraud and identity theft.

Equifax agreed to establish a fund to provide customers with free credit monitoring, identity theft protection, and cash compensation of up to $20,000 per to people harmed by the event, per the deal’s conditions. Additionally, the company must pay court fees and government fines.

Take a closer look at how data breaches effects companies: Equifax Data breach settlement

The cybersecurity vulnerability was first disclosed by T-Mobile and was made public on August 16, 2021. According to reports, almost 77 million consumers’ personally identifiable information was stolen due to the T-Mobile data breach. This contained database data such as addresses, dates of birth, social security numbers, driver’s license numbers, unique IMEIs and identification codes for client phones, etc.

If granted, the $350 million T-Mobile deal will represent US history’s second-largest payment for a data breach.

Take a closer look at how data breaches effects companies: T-Mobile Data Breach Settlement