South Korea fines Coupang record $409 million over data breach affecting millions

The record-high 624.68 billion won ($409 million) penalty imposed on Coupang over a massive data breach is fueling debate over regulatory proportionality, as the e-commerce giant was ordered to pay more than four times the fine levied on SK Telecom for last year's hacking incident, while matchmaking company Duo received a far lighter sanction despite a breach involving highly sensitive personal information. The penalty is also casting doubt on Coupang’s ability to maintain the aggressive investment that has driven its growth, fueling speculation that the e-commerce giant could rein in future spending. On Thursday, the Personal Information Protection Commission (PIPC) imposed a 624.68 billion won fine and a 16.8 million won administrative penalty on Coupang over its data breach, involving more than 33 million users, and related privacy violations. The regulator concluded that Coupang failed to maintain even basic security safeguards, citing lax management of an authentication signing key and inadequate access controls that allowed a former employee to forge tokens and reach pages conta

South Korean authorities levied Wednesday (June 10) a historic 624.7 billion won (about $412 million) fine against the eCommerce giant Coupang following a massive data breach that affected approximately two-thirds of the nation’s population. This penalty, handed down by the Personal Information Protection Commission (PIPC), represents the largest ever imposed for a privacy violation […] The post South Korea Hits Coupang With Record Fine For Massive Data Breach appeared first on PYMNTS.com.

South Korean authorities issued the record-breaking fine following a data breach that affected over 30 million customers.

​​The Personal Information Protection Commission (PIPC), South Korea's data protection regulator, has fined e-commerce giant Coupang a record 624.6 billion won (roughly $409 million) following a massive data breach affecting more than 37 million customers [...]

Coupang was slapped with a record-high fine of 624.7 billion won ($409 million) for a massive data breach involving more than 33 million users, marking the largest privacy penalty in Korea, a regulatory authority said Thursday. The penalty is roughly equivalent to the e-commerce giant's operating profit of 679 billion won reported last year. According to the Personal Information Protection Commission, the company was fined 423.6 billion won over the data breach and an additional 201.1 billion won for the unauthorized collection of users' online activity records and other violations. A joint government-civilian investigation led by the Ministry of Science and ICT concluded that the individual responsible for the breach gained access to the personal information of approximately 37.5 million users. The latest figure is higher than the 33.7 million accounts identified in February, indicating that additional affected users were uncovered during the subsequent investigation. The scale of the breach surpasses the previous record from an SK Telecom data leak last year in which 23.2 million users

South Korea’s privacy watchdog has slapped e-commerce giant Coupang with a record-breaking 624.7 billion won ($409 million) fine, the largest data breach penalty in the country’s history. The ruling, handed down today by the Personal Information Protection Commission (PIPC), dwarfs the previous record of 134.8 billion won imposed on telecoms firm SK Telecom last year. The […] This story continues at The Next Web