Scalable Capital must pay damages for data theft

A customer won the payment in court. In 2020, the incident had occurred, about 33,000 other customers were hit at the time.

In October 2020, there had been data thefts at the robotic asset manager Scalable Capital, based in Munich. At that time, unauthorized persons allegedly gained access to the data of over 33,000 active or former customers. One of those affected had therefore gone to court. He has now won damages of 2,500 euros before the Munich I Regional Court, as the Frankfurter Allgemeine Zeitung reports. The verdict is considered the first to be enforced in favor of a victim of data theft.

The court has already made the judgment on 9 December. In this, the 31st Civil Chamber affirmed an identity theft. This entitled to claim damages under Article 82 of the General Data Protection Regulation (DSGVO), as reported by the FAZ. Those affected should now be entitled to "appropriate compensation for pain and suffering" in the event of culpable infringements. Scalable Capital should also pay for future damages caused by the data theft. This could be expensive.

The ruling is not yet legally binding. Scalable Capital can still appeal and considers the decision of the regional court to be incorrect. It will now be exciting to see what significance the case will have in the future. More people could decide to take legal action.