Korea raises data breach fines to 10% of revenue
South Korea's privacy regulator will impose fines up to 10% of revenue for data breaches leaking personal data of 10 million or more people.
South Korea's privacy regulator is sharply raising penalties for data breaches, with fines reaching 10% of a company's revenue. The higher fines take effect Friday for companies found to have leaked personal data of 10 million or more people through intent or gross negligence. The regulator aims to push companies to treat data protection as a preventive investment rather than a routine cost of doing business.
- Fines raised to 10% of company revenue for large-scale breaches
- Applies from Friday to leaks of 10M+ people via intent or gross negligence
- Regulator frames data protection as preventive investment, not routine cost
- Organizations
- Personal Information Protection Commission
- Countries
- South Korea
From the original article
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
By Dissent · databreaches.net
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