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BA Flight cancellation and compensation

Hope someone can help.
We were scheduled to fly from Heathrow to Athens, Greece on BA this Sunday 10th (it's now Friday 8), at 09.55. We received an email from BA today saying the flights have been canceled and have booked us on a later flight (departs 13.20, more than 3 hours later).
BA has not given a reason for the cancellations.
We are a family of 4 - my questions are:
1. Are we entitled to claim compensation?
2. How much can we claim?
3. IS BA obligated to tell us why the flight was cancelled?

The cancellation has messed up our car hire via BA with Avis.

Thanks


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