South Korea Promulgates Law Allowing Privacy Penalties of Up to 10% of Total Revenue
South Korea promulgated amendments to its personal data protection law following a series of large-scale data breaches. The law allows penalties of up to 10 percent of total revenue for certain repeated or serious violations caused intentionally or through gross negligence and strengthens the regulatory and preventive framework overseen by the Personal Information Protection Commission.
Sources
- South Korea Strengthens Privacy Responsibility and Management Systems to Prevent Data BreachesPersonal Information Protection CommissionKOPress release
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South Korea Strengthens Penalties and Corporate Accountability for Personal Data Breaches
This issue tracks South Korea's legal and regulatory response to repeated large-scale personal data breaches. Reforms led by the Personal Information Protection Commission introduced the possibility of penalties of up to 10 percent of total revenue for certain repeated, intentional or grossly negligent serious privacy violations, while also providing incentives for preventive security investment and strengthening the responsibilities of corporate executives and privacy officers as well as notification and victim-remedy mechanisms.
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