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Re: Korea penalizes credit card data breaches severely

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On 2014-02-20, wjwlsn <ibillwilson@gmail.com> wrote:
> From the this-will-hurt-you-waaaaay-more-than-it-hurts-me department:
>
> «Three South Korean credit card firms which are thought to have exposed
> the personal data of 20 million customers have been forced to suspend
> all new business for three months in a blow which could cost them nearly
> $100 million. Korean regulator the Financial Services Commission (FSC)
> said the firms were not allowed to sign up new customers or offer new
> products and services for the period... The card companies involved will
> not only face revenue losses from the three month new biz suspension but
> have to fork out for "any financial losses caused to their customers due
> to the latest accident".»
>
> "http://www.theregister.co.uk/2014/02/20/korean_banks_hit_with_three_month_ban/"
>
> Wow!

That's a huge penalty, but good on yer, Korea!  I think the way the
American govt handled the last crisis was way too lenient to the very
same banks who helped get 'em into the mess.  Meanwhile, the Irish let
their banks default and it seems to have worked out for them.  I can dig
up a link to an article if anyone is interested.

Stiff penalties are one heck of an incentive to run a proper
organization and take precautions.  It's hitting them in the wallet.

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Thread

Korea penalizes credit card data breaches severely wjwlsn <ibillwilson@gmail.com> - 2014-02-20 10:24 -0800
  Re: Korea penalizes credit card data breaches severely RS Wood <rsw@therandymon.com> - 2014-02-20 19:20 +0000
    Re: Korea penalizes credit card data breaches severely Oregonian Haruspex <bob_davis_retired@yahoo.com> - 2014-02-20 23:58 +0000
    Re: Korea penalizes credit card data breaches severely 2phar <none@example.com> - 2014-02-21 19:09 -0500
      Re: Korea penalizes credit card data breaches severely RS Wood <rsw@therandymon.com> - 2014-02-23 09:33 +0000

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