Korea Communication Commission (KCC), the nation’s telecom regulator, proposed a new law to increase fines for companies responsible for data leaks to 1% of their annual revenue. The strengthened penalty reflects the increased concern over data security following the leak of financial data of 20 million people by c
Korea Communication Commission (KCC), the nation's telecom regulator, proposed a new law to increase fines for companies responsible for data leaks to 1% of their annual revenue.
The strengthened penalty reflects the increased concern over data security following the leak of financial data of 20 million people by credit card firms KB Kookmin Bank, Lotte Card and, NH Nonghyup Card.
“We will react actively against infringement of private data online,” said KCC Chairman Lee Kyeong Jae. “We will pursue policy that helps the people and protect ICT users.”
The harsher punishment for data leakers will be further reviewed and submitted to the National Assembly sometime in the first half for legislation.
The current maximum penalty for data leakers is $94 hundred. The current law will further be revised so that regulators need not prove beyond a reasonable doubt that firm responsible data leaks were accountable or neglected protection duties. Any company's data that were leaked can be fined immediately.
KCC, FSC and the Future ministry will cooperate to close down illegal cites that sell private data.
Consumers can also report spam mails they have received through mobile messengers Kakao Talk and Line.