Bill imposing stricter penalties on companies for major data breaches passes parliamentary committee

A parliamentary committee on Wednesday passed a bill that allows the government to impose a fine of up to 10 percent of a company's total sales for major personal data leaks. The revision to the Personal Information Protection Act comes after e-commerce giant Coupang reported a massive data breach last month that affected nearly two-thirds of the nation's population, the latest in a series of leaks of personal information at major companies. Under the bill, the ceiling on fines for large-scale personal data breaches will be raised to 10 percent of a company's total revenue, up from the current 3 percent. The penalty will be applied to cases involving repeated violations due to serious negligence or intentional misconduct within three years, data leaks affecting more than 10 million people and those caused by failure to comply with corrective orders. Coupang is expected to avoid heavier fines for the latest incident as the bill will not be applied retroactively to past cases. The bill was approved during a plenary meeting of the National Assembly's national policy committee.Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times