S. Korea to Impose Fines for Major Data Leaks
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7 Articles
Going forward, companies that repeatedly commit large-scale personal information breaches or cause massive damages due to intent or gross negligence will be subject to fines of up to 10% of their total revenue. A system will also be introduced to reduce fines for companies that make preemptive investments to prevent personal information leaks. The Personal Information Protection Commission announced amendments containing these provisions.
Korea will introduce strengthened penalties this week for companies that suffer personal information leaks affecting more than 10 million people, the privacy watchdog said Thursday. The move comes as Seoul has sought to strengthen protection of personal information in the wake of high-profile cases, including e-commerce operator Coupang's data breach that affected more than 37 million users. Under the revised personal information protection law …
A system allowing for the imposition of punitive fines of up to 10% of total revenue on companies that cause repeated or serious personal information leaks will go into effect on the 11th. A system to reduce fines by up to 40% for companies that have actively invested in personal information protection will also be introduced.
Korea raises data breach fines to 10% of revenue
Korea JoongAng Daily reports: Korea’s privacy regulator is sharply raising the cost of data breaches, aiming to push companies to treat data protection as a preventive investment rather than a routine cost of doing business. Starting Friday, companies found to have leaked the personal data of 10 million or more people through intent or gross negligence... Source
Yang Cheong-sam, Secretary General of the Personal Information Protection Commission, is giving a briefing on the amendment of the Enforcement Decree of the Personal Information Protection Act at the Government Complex Seoul in Jongno-gu, Seoul on the 10th.
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