Kr: Report on hacking incidents to be required of companies

All listed and financial companies must report a security breach, with the scope of disclosure on major management issues including M&As being expanded to hacking incidents.

The Knowledge Economy Ministry said Thursday that as early as 2014, companies must inform whether they have been hacked and how they can cope with such incidents on either a public disclosure site (dart.fss.or.kr) or the homepage of the Korea Exchange (krx.co.kr).

They also have to release an annual report on how many security staff they hired and how much budget they allocate for security. If this measure is implemented, consumers will have more choices because they can stop transactions with banks with weak security or Web portal sites that pay little attention to information protection.

Wow.

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