South Korea's 10% breach fines raise global compliance challenges | TechTarget

South Korea has become the latest nation to sharpen its data breach penalties, raising maximum fines to 10% of annual revenue under revised privacy rules that took effect last week. While the hike aims to push companies toward preventive investment, it also complicates an already fragmented global compliance landscape -- one where businesses find it cheaper to build to the toughest regime than to manage different rules by region.

The revised Personal Information Protection Act, overseen by the country's privacy regulator, the Personal Information Protection Commission, took effect on September 11. Under the updated framework, companies behind major negligent data leaks -- such as those caused by intentional misconduct or gross negligence that compromise the personal data of 10 million or more people -- can face fines of up to 10% of annual revenue, a significant jump from the previous penalty cap of 3% of sales.

The rules also...

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