Korea raises data breach fines to 10% of revenue
South Korea's revised privacy law now allows fines up to 10% of annual revenue for major negligent data leaks, up from 3%.
South Korea's revised Personal Information Protection Act enforcement decree, effective Friday, allows fines up to 10% of total annual revenue for companies leaking data of 10 million or more people through intent or gross negligence, up from the previous 3% cap. Companies must notify users within 72 hours of a potential breach with high exposure risk, and data altered by ransomware now triggers the same reporting duties. The change follows Coupang's 624.6 billion won ($466.3 million) fine in June for leaking data of 37.55 million people.
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