Prime Minister Kim Min-seok introduced on Dec. 24 that the federal government will pursue the introduction of punitive fines of as much as 10% of income for repeated large-scale buyer private information breach incidents.
Kim made this assertion throughout his opening remarks on the Nationwide Coverage Coordination Assembly held on the Authorities Advanced Sejong, saying, “The President has already emphasised the precept that robust sanctions are vital for company regulatory violations, so we need to talk about particular implementation measures.”
Kim defined, “The angle proven by corporations that failed to guard buyer info falls far in need of the general public’s expectations,” including, “We’ll swiftly push ahead pressing legislative duties reminiscent of punitive fines to allow them to be handed promptly.”
He emphasised, “For repeated and critical violations, we are going to introduce punitive fines of as much as 10% of complete income and strengthen obligations to inform of private information breaches, guaranteeing that victims’ rights to say damages are additionally communicated.”
He added, “We’ll safe enforcement energy for investigations by implementation enforcement charges and different measures, and also will pursue swift and efficient institutional enhancements for injury restoration and prevention of unfold.”
