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South Korea vows harsh penalties for financial firms' data leaks

Published on Jan 22, 2014 2:55 PM
 
An apology (centre) to customers is displayed as customers wait in a line to apply for their credit cards to be reissued at Lotte Card's main office in Seoul on Tuesday, Jan 21, 2014. 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. -- PHOTO: AFP

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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