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Korea raises data breach fines to 10% of revenue

339 points · 115 comments · throw7

  1. quickthrowman · · focus · HN ↗
    I would like to make a wager on this law being ignored the first time Samsung or another chaebol violates it and is facing a fine equal to 10% of revenue. I can almost guarantee it, it’s a high enough fine to turn some low-margin businesses from profitable to unprofitable for the year and there’s no such thing as a secure computer system. The only way to guarantee compliance is to not store any data which isn’t exactly reasonable for some business models.
    1. bigfatkitten · · focus · HN ↗
      The South Korean privacy regulator is the most diligent that I’ve ever seen in terms of slapping companies with fines when they screw up.
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