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Korea penalizes credit card data breaches severely

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  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

#630 — Korea penalizes credit card data breaches severely

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!

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#632

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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#640

RS Wood <rsw@therandymon.com> wrote:
> 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.

The curse of the 'too big to fail' attitude is that these banks now know
it.  What is Uncle Sam going to do next time?  These types of bailouts will
continue, because while some of the kinds of high-risk activities that led
to the 2008 crisis are now either more difficult or impossible to get away
with, others are available.  Bill Clinton really screwed us good when he
worked so hard to repeal Glass-Stegal.

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#684

On 2/20/2014 2:20 PM, RS Wood wrote:

> 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 think you might be thinking of iceland. 
("http://economicdisaster.wordpress.com/")

In Ireland, the inept government unconditionally guaranteed all bank 
debt, keeping all the big banks intact (though insolvent) and the Irish 
public with massive debt & IMF enforced austerity for a long time.
"http://en.wikipedia.org/wiki/2008%E2%80%9314_Irish_banking_crisis"

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#759

On 2014-02-22, 2phar <none@example.com> wrote:
> On 2/20/2014 2:20 PM, RS Wood wrote:
>
>> 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 think you might be thinking of iceland. 
> ("http://economicdisaster.wordpress.com/")
>
> In Ireland, the inept government unconditionally guaranteed all bank 
> debt, keeping all the big banks intact (though insolvent) and the Irish 
> public with massive debt & IMF enforced austerity for a long time.
> "http://en.wikipedia.org/wiki/2008%E2%80%9314_Irish_banking_crisis"
>
Yes, you're absolutely right; I realized it after posting but hesitated
to publish a retraction.

Glad someone is reading my posts, even if they're the ones where I screw
up!

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