Market Chatter: South Korea Fines Coupang Record 624.7 Billion Won Over Data Breach

MT Newswires Live
Jun 11

South Korea's Personal Information Protection Commission imposed a record 624.7 billion won fine on Coupang over a large-scale personal data breach, Bloomberg News reported Thursday.

The penalty is reportedly the largest ever imposed in the country for a personal information breach, surpassing the 134.8 billion won fine levied on SK Telecom last year.

The regulator said a former employee improperly accessed personal information from nearly 34 million user accounts, and that the breach went undetected for months, according to the report.

The commission attributed the incident to inadequate internal controls and data protection measures rather than a sophisticated cyberattack, it added.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10