Tuesday, May 20, 2014

South Korea Increases Data Breach Fines

South Korea has made changes to its data protection laws.

Data breach amendments (Bill No. 10479) increase available fines; lower the liability threshold that regulators must show to levy fines; allow compensation of individual plaintiffs without a showing of damages; and require notification of affected individuals within 24 hours of discovering a breach, according to the Korea Communications Commission (KCC).

"Businesses will be held liable for a data breach with or without proven fault on their part."
- Eom Yeol, Director, Privacy Protection and Ethics Division, KCC
The amendment also authorizes courts to award compensation of up to 3 million Korean won ($2,900) to each consumer complainant in a data breach case with no need to verify damage claims. "This will give companies a strong reason to upgrade their data security standard voluntarily," said Eom Yeol, KCC director.
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(a) South Korea Increases Data Breach Fines, Lowers Liability Threshold - www.BNA.com, 05/19/2014

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