A telecoms firm could be bombarded by millions of compensation claims after customers details were stolen from its website.

On 22 October 2015 TalkTalk were forced to reveal to their four million current and former customers that their details weren’t securely encrypted. However, TalkTalk bosses have claimed that the risk was not as bad as initially thought.

Cyber-experts from BAE Systems have been brought in by TalkTalk to look into what details have been stolen, and are currently looking through one billion points of data.

TalkTalk Chief executive Dido Harding has explained that the personal details stolen would not be enough to affect customers’ bank accounts.

However the company could still face compensation claims from furious customers, experts have predicted that this breach of security could see TalkTalk lose £75m in compensation and revenue.

Adrian Culley, security consultant and former Metropolitan Police detective, said: “This is one of the biggest crimes ever. It is the Great Train Robbery of the 21st century.

“There is a potentially huge liability for TalkTalk as a result of this. Future compensation payments could put them out of business.”

TalkTalk have said in a statement: “We now expect the amount of financial information that may have been accessed to be materially lower than initially believed and would on its own not enable a criminal to take money from your account.”