How is South Korea Enhancing Protections Against Data Breaches?
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Synopsis
In a decisive move, South Korea is revamping its data protection policies to bolster penalties for companies mishandling personal data. This initiative, aimed at enhancing cybersecurity, comes in response to alarming breaches affecting major firms. Discover how the government plans to safeguard citizens' information and ensure accountability among businesses.
Key Takeaways
- Stricter penalties for companies failing to manage personal data.
- Encouragement for businesses to boost cybersecurity investments.
- Government to initiate investigations without waiting for disclosures.
- Collaboration among sectors is crucial for a robust security system.
- Increased monitoring of companies post-breach incidents.
Seoul, Sep 19 (NationPress) South Korea is set to overhaul its policies to increase penalties for firms that inadequately safeguard personal data while also implementing essential measures to avert breaches by encouraging businesses to boost their investments in cybersecurity, as announced by the government on Friday.
During a joint press briefing with the Financial Services Commission (FSC), Second Vice Minister of Science Ryu Je-myung highlighted the recent data breach incidents involving SK Telecom Co., KT Corp., and Lotte Card Co., according to Yonhap news agency.
Ryu stated, "The science ministry will collaborate with top security experts to thoroughly evaluate the current security framework to implement fundamental measures, moving beyond temporary fixes."
This announcement follows President Lee Jae Myung's directive to his team to devise fundamental strategies aimed at reducing the impact of hacking incidents.
Ryu emphasized that the government plans to enhance policies to impose stricter penalties on companies that intentionally delay notifying authorities regarding data breaches. Additionally, it will enable the government to initiate investigations even in the absence of disclosures.
"The government aims to introduce incentive measures that encourage businesses to voluntarily invest more in security," Ryu explained.
FSC Vice Chairman Kwon Dae-young also mentioned that the government is working towards adopting punitive measures against companies facing security breaches by levying fines that reflect the social consequences.
"To prevent falling prey to hacking incidents while striving to be a leader in the artificial intelligence sector, collaboration among the government, financial institutions, and relevant organizations is crucial in establishing a robust security system," Kwon asserted.
On Thursday, KT Corp. reported that the number of victims from a mobile payment breach has surged to 362 since early August, with total losses estimated at 240 million won (approximately US$173,000).
Furthermore, Lotte Card Co., recognized as the fifth-largest card issuer in the nation, disclosed that the personal data of around 3 million customers was compromised in a hacking event last month.
Kwon noted, "The government will closely monitor Lotte Card to ensure timely protective measures for customers. Should the FSC's investigation reveal any violations, we plan to impose significant punitive actions to set a precedent."
Earlier in April, SK Telecom Co. reported that private data of its entire user base might have been exposed in a cyberattack on its network servers, with a hacking group reportedly attempting to sell client data via Telegram.
Point of View
South Korea's proactive stance on data protection demonstrates a commitment to safeguarding its citizens' privacy. The government's initiative to enhance penalties and promote investment in cybersecurity is a crucial step toward establishing a secure digital environment, reflecting both responsibility and responsiveness to emerging threats.
NationPress
20/09/2025
Frequently Asked Questions
What measures is South Korea implementing to prevent data breaches?
South Korea is revamping its policies to impose stricter penalties on companies for mishandling personal data and is encouraging businesses to invest more in cybersecurity.
How will the government ensure accountability among companies?
The government plans to enforce penalties for delayed notifications of data breaches and will initiate investigations without waiting for disclosures.
What recent data breaches prompted these changes?
Recent breaches at SK Telecom, KT Corp., and Lotte Card highlighted vulnerabilities in data protection, leading to this policy overhaul.
What is the expected impact of these new policies?
These policies aim to enhance the security framework, protect citizens' data, and foster a culture of accountability among businesses.
How does this initiative align with South Korea's AI ambitions?
By bolstering data security, the government seeks to position South Korea as a leader in the AI sector, minimizing risks associated with hacking incidents.
