South Korea regulator reaffirms harsher measures against card firms over data leak

Yonhap News reports that in addition to some stiff penalties imposed by its financial regulator on credit card firms who suffered data leaks, the government continues to look at ways to strengthen the protection of private data:

In a report to the parliament, FSC chairman Shin Je-yun said the regulator plans to suspend the card firms’ operations for three months, barring them from taking applications for new plastic cards or selling financial products.

“Top executives of the credit card firms will face harsher punishment as well, including dismissals,” Shin told legislators.

Following the largest-ever data leak, the government has been working to revise bills on personal information protection. One possible measure is ordering phone operators to block off lines used in illegal financial marketing activities and financial frauds, known as “voice phishing.”


Also, the financial regulator is pushing to strengthen monitoring of staff at financial companies and their contractors involved in customer data management, and bar financial firms from sharing client data with their affiliates beyond a set limit.

Read more on Yonhap News.

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