Lawmakers Respond to Growing Outrage Over Data Leaks With Stronger Sanctions (Yonhap)
SEOUL, Dec. 16 (Korea Bizwire) — South Korean lawmakers on Monday advanced a bill that would sharply increase financial penalties for companies responsible for major personal data breaches, amid rising public anger over a series of high-profile leaks.
The bill, approved by the National Assembly’s Political Affairs Committee subpanel, would raise the maximum fine for severe or repeated violations of the Personal Information Protection Act to as much as 10 percent of a company’s total revenue — more than triple the current ceiling of 3 percent.
The revision was introduced by lawmakers from both the ruling and opposition parties, including Reps. Park Beom-kye of the Democratic Party and Kim Sang-hoon of the People Power Party. They argued that existing penalties have proven insufficient as large-scale data leaks continue to erode public trust.
“In recent months, major corporations have suffered widespread data breaches, significantly undermining confidence in personal information protection,” the lawmakers said in their proposal. “Stronger sanctions are necessary to address repeated or serious violations and to overcome the limitations of current enforcement tools.”
The amendment still requires approval from the full committee and the National Assembly before it can take effect.
M. H. Lee (mhlee@koreabizwire.com)
