KR: FSS toughening punishment on data theft

Chung Ah-young reports that the South Korean financial regulator is cracking down by enhancing the penalties for employees and executives:

Financial Supervisory Service (FSS) Governor Choi Soo-hyun directed the reinforcement of the punitive measures for any irregularities which can disrupt the market order and breach the rights of financial consumers.

To prevent a recurrence of personal data theft, the FSS will give a warning to employees of financial firms who use customers’ information for other purposes.

Those who use the information more than once for purposes other than specified will get a cautionary warning; for more than five cases a reprimand warning; and more than 50 cases with suspension from duty.

If the firms are negligent in protecting customer information, their operations will be suspended and their executives will face a suspension from duty.

Read about other new measures on Korea Times.

About the author: Dissent

Comments are closed.