South Korea vows harsh penalties for financial firms' data leaks
Published on Jan 22, 2014 2:55 PM
SEOUL (AFP) - South Korean regulators on Wednesday vowed tougher penalties for financial firms and executives who fail to protect customer data, following the unprecedented theft of information from at least 20 million people.
"If an accident like this happens again, the company in question will be shut and its executives will no longer be able to work in this industry," Shin Je Yoon, the head of the Financial Supervisory Commission (FSC), told reporters.
The warning came after the country's largest-ever leak of private financial data that involved three credit card companies.
The FSC will soon devise harsher punishments and heavier financial penalties on companies and their executives for future security breaches, Shin said.
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