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 lawsuits.
The Seoul Central District Court ruled in favor of a total of some 5,000 customers who filed four separate suits against KB Kookmin Card Co., NH Nonghyup Card Co., and a credit rating agency, the Korea Credit Bureau.
Read more on The Korea Herald.
Some of the past coverage on DataBreaches.net can be found here. The government regulators had suspended three firms’ ability to take on new customers as part of the consequences of a massive data leak affecting 15-20 million consumers – a suspension that was estimated to cost firms $117 million. And now the court awards money to the customers who sued after their data was leaked? This may be one of the most damaging insider breaches involving a contractor that I can recall.