South Korea is cracking down on companies with major data breaches to push them to be more proactive. As seen in Korea JoongAng Daily: "Starting Friday, companies found to have leaked the personal data of 10 million or more people through intent or gross negligence can be fined up to 10 percent of their total revenue as part of a broader overhaul under the revised Personal Information Protection Act that is set to take effect the same day. Even if a leak hasn’t been confirmed, companies must notify users within 72 hours if the risk of exposure is high. […] Under the enforcement decree, the cap applies to companies that repeatedly commit intentional or grossly negligent violations within three years, or that fail to comply with a corrective order and go on to suffer a breach as a result. Fines are calculated based on the nature and severity of the violation, the circumstances involved and the scale of the damage. Link: https://www.koreajoongangdaily.com/business/korea-raises-data-breach-fines-to-10-of-revenue/12869899 In the past, South Korea's financial regulators have also fined executives and prohibited some card issuers and banks from signing up any new customers for months as a consequence of big breaches. I wonder if their efforts/consequences are actually effective in getting more entities to take infosecurity and cybersecurity more seriously. And I bet we can all think of U.S. companies that might qualify to get hit with such huge penalties. #databreach #accountability #legislation #SouthKorea #infosecurity #cybersecurity @campuscodi