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Korea raises data breach fines to 10% of revenue

339 points · 115 comments · throw7

  1. augment_me · · focus · HN ↗
    You can just do what my university did, hire a small shell firm with 3 employees to hold all your data, and when it got hacked they just went bankrupt and we switched to a new shell firm with similar form and function.

    Minimizes money usage and does not require any security investments

    1. killingtime74 · · focus · HN ↗
      There are specific laws called Piercing the Veil that can easily be passed to close this type of loophole.

      Courts are run by people, not AI, so judges can easily ignore the corporate entity once these laws are passed.

      1. rat9988 · · focus · HN ↗
        Doesn't seem out of reach of AI. Not sure why you think so.
      2. laughing_man · · focus · HN ↗
        Piercing the corporate veil is difficult to do in practice unless they've gotten very sloppy.
        1. killingtime74 · · focus · HN ↗
          If they see people doing exactly what was described to avoid fines I think they will amend the law to explicitly allow piercing the veil. Just like for directors
      3. dubeye · · focus · HN ↗
        Sounds good in theory, what's the practical reality in your experience?
        1. killingtime74 · · focus · HN ↗
          <a href="https:&#x2F;&#x2F;www.holdingredlich.com&#x2F;federal-court-decision-pierces-the-corporate-veil-for-breach-of-director-duties" rel="nofollow">https:&#x2F;&#x2F;www.holdingredlich.com&#x2F;federal-court-decision-pierce...

          This is an example (I have nothing to do with this case)

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