Coupang faces possibility of record fine over massive data breach

Coupang faces the possibility of a record fine by the data protection regulator after the New York-listed e-commerce giant suffered a massive breach of customer information, according to industry sources Thursday. The Personal Information Protection Commission (PIPC) has vowed stern action after Coupang said last week that the personal information of 33.7 million customers had been compromised, raising questions about the size of the fine the company could face. Under the personal information protection law, companies that suffer personal information leaks can be fined up to 3 percent of their total sales, although sales from businesses unrelated to the violation can be excluded. Based on Coupang's sales last year of 41 trillion won ($27.8 billion), the company could have a fine of up to 1.2 trillion won imposed. In August, the privacy watchdog fined wireless carrier SK Telecom a record 134.8 billion won ($91.9 million) over a data breach that affected 23 million users. While it marked the highest-ever penalty levied by the regulator, it fell far short of the highest possible amount thatWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times