Korea to introduce strengthened penalties for large-scale data leaks
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.…
South Korea is set to implement heightened penalties for companies that experience personal information leaks affecting more than ten million individuals, according to the privacy watchdog. This development comes as the nation aims to bolster personal data protection following notable incidents, including the data breach at e-commerce giant Coupang, which impacted over 37 million users.
The revised personal information protection law, set to commence on Friday, allows companies responsible for large-scale leaks due to intentional wrongdoing or significant negligence to face penalties up to ten percent of their annual sales, reported the Personal Information Protection Commission. Additionally, entities that violate personal information regulations multiple times within a three-year period or fail to adhere to corrective orders are also eligible for the increased punishment.
Previously, companies faced a penalty capped at three percent of their sales. However, the watchdog has the discretion to reduce up to forty percent of the penalty, considering the level of investment companies make to rectify their data protection practices.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
