Home > Uncategorized > South Korea Passes Data Protection Enforcement Penalties with Teeth

South Korea Passes Data Protection Enforcement Penalties with Teeth

The National Assembly-KoreaAfter the massive breach of credit card data last year (2014), South Korea recently passed even more stringent enforcement penalties for consumer credit information and card companies that violate personal data protection laws. The National Assembly amended the Use and Protection of Credit Information Act requiring credit information companies to pay damages for personal data breaches and for mishandling customer data. South Korea’s Personal Information Protection Act (PIPA), came into force on 30 September 2011, and is one of the most stringent data protection regimes in the world. The Financial Services Commission has doubled the penalty for credit card companies that lose customer data under the Specialized Credit Financial Business Act, extending the period of business suspension to six months.

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