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 operation bans on KB Kookmin Card Co., Lotte Card Co. and NH Nonghyup Card Co. from May 17.
The three companies were ordered to suspend their business for three months from February over the leak of some 140 million customers’ data.[…]
Industry data showed that they lost a combined 3 million customers during the suspension period, incurring a loss of 50 billion won (US$49 million) to Kookmin Card, 40 billion won to Nonghyup Card and 30 billion won to Lotte Card.
Read more on Yonhap.