Is there anyone left in South Korea who hasn’t had their information leaked by now? Sheesh. Yonhap News reports: Subcontracted employees were found to have taken some 350,000 pieces of private data belonging to customers from a local life insurance firm that hid the leak for months from authorities, the financial watchdog said Wednesday, just…
Search Results for: NongHyup
KR: Credit card companies fined over customer data protection failures
For the past few years, I’ve covered the consequences Kookmin, NongHyup, and Lotte Card have faced after cardholders’ information was stolen by an contractor’s employee over an 18-month period from 2012 to 2013. I continue to be impressed that even though some of the fines or consequences haven’t been huge by our standards, there have been consequences to both the…
KR: Credit card firms ordered to compensate consumers for data leak
The Korea Herald reports the latest development in a massive data leak first reported at the end of 2013: A local court on Friday ordered three credit card-related companies, hit by a massive data leak in 2014, to give 100,000 won ($83) to each victim, a ruling that could set a precedent for other similar…
KR: Regulator to further penalize Kookmin, CitiBank
Chung Ah-young reports: The financial regulator said Sunday that it may impose additional penalties on officials responsible for large-scale data thefts that occurred earlier this year. The Financial Supervisory Service (FSS) said that it will hold a disciplinary review committee meeting on Oct. 2 to discuss the severity of sanctions towards executives and employees of…
KR: Executives at 3 credit card firms face heavy penalty for data theft
Chung Ah-young reports: About 80 officials, including former CEOs and executives, from three credit card firms face heavy penalties for the theft of customers’ personal information, the financial regulator said Wednesday. Former CEOs of the firms face heavy penalties equivalent to recommendations of dismissal, which means they will be banned from working for other financial…
KR: Sanctioned card firms to resume operation this week, but suspension really cost them
Yonhap News Agency reports that although financial regulators are about to lift the 3-month suspension for new sign-ups they imposed on three credit card firms over data breaches, the suspension cost the firms a combined $117,000,000.00 and may cost their top executives their jobs: According to the officials, the Financial Supervisory Service (FSS) will lift…