• No_Ads
World
S. Korea vows harsh penalties for data leaksPublish Date: Jan 22, 2014
S. Korea vows harsh penalties for data leaks
  • mail
  • img
A South Korean customer receives an application form to cancel her credit card at a branch of Lotte Card in Seoul on January 22, 2014 (AFP, Jung Yeon-Je)
newvision

South Korean regulators Wednesday vowed tougher penalties for financial firms and executives who fail to protect customer data, following the unprecedented theft of information from at least 20 million people.

"If an accident like this happens again, the company in question will be shut and its executives will no longer be able to work in this industry," Shin Je-Yoon, the head of the Financial Supervisory Commission (FSC), told reporters.

The warning came after the country's largest-ever leak of private financial data that involved three credit card companies.

The FSC will soon devise harsher punishments and heavier financial penalties on companies and their executives for future security breaches, Shin said.

"For instance, we are thinking of about 5 billion won ($4.6 million) in fines, or even up to 1.0 percent of their total sales," Shin said.

The three companies involved in the latest data leak -- KB Kookmin Card, Lotte Card and NH Nonghyup Card -- will face "the highest level of punishment legally possible", he said, suggesting a possible three-month business suspension.

The data was stolen by an employee from personal credit ratings firm Korea Credit Bureau who once worked as a temporary consultant at the three firms. He was arrested earlier this month.

The stolen data of 20 million people -- out of a total population of 50 million -- included names, social security numbers, phone numbers, e-mail addresses, home addresses, credit card numbers and even personal credit ratings.

Since Monday more than two million victims have cancelled their credit cards permanently or requested new ones, with angry customers flooding bank branches and call centres for days.

AFP

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Sing-along saint: Showbiz world gets papal inspiration
Pope John Paul II''s extraordinary life is being set to music in Rome, with audiences enjoying a flourish of theatre shows about the former playwright and future saint ahead of his canonisation on Sunday....
S.Korea ferry crew could face murder charges
South Korean President Park Geun-Hye said Monday that the behaviour of the captain and crew of the ferry that capsized five days ago with 476 people on board was unacceptable and "tantamount to murder"....
France has
France has "information" but no firm proof that Syrian President Bashar al-Assad's regime is still using chemical weapons, President Francois Hollande said Sunday....
Japan defence chief puzzled by Russian warplanes
Japan's defence minister said Sunday there have been an "abnormal" number of flights by Russian military aircraft close to Japanese islands in recent days....
First bodies pulled from submerged Korean ferry
Divers began retrieving bodies Sunday from inside the submerged South Korean ferry that capsized four days ago with hundreds of children on board, as families angered by the pace of the rescue efforts scuffled with police....
S. Sudan army battles rebels in worsening war
South Sudan's army said on Saturday they had "lost communication" with commanders battling rebels in a key oil state where rebels have seized a major town....
WIll the national ID registration process be completed in the scheduled 4 months timeframe?
Yes
No
Can't Say
follow us
subscribe to our news letter