South Korean card firms suspended over data breach

I remember the cheers at school football and basketball games, “We don’t mess around – HEY! We don’t mess around – HEY!”

I thought of that while reading a news story this morning with a follow-up to a breach affecting 15-20 million South Korean credit card holders by a contractor’s employee:

South Korean authorities have told the three companies at the centre of a massive data breach which saw personal information stolen from millions of South Koreans to suspend operations for three months.

The Financial Services Commission has ruled that for three months from 17 February, KB Kookmin Card, Lotte Card, and NH Nonghyup Card will not be allowed to add new subscribers or market insurance policies. The companies have 10 days to appeal, according to Bloomberg.

Read more on Finextra. Bloomberg’s coverage can be found here.

Can you imagine if American businesses had to suspend adding new customers or marketing products for 10 days due to a breach? Would they rush to improve security or just desperately try to hide breaches? Or both?

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