South Korea fines Coupang $408m over biggest data leak in country’s history
Summary
South Korea fined the e-commerce company Coupang $408 million for leaking personal data of over 33 million customers and not reporting the leak within the required time. The data breach was caused by poor safety measures, and Coupang plans to challenge the fine in court.Key Facts
- Coupang leaked personal information of more than 33 million customers.
- The company failed to report the breach within 72 hours, as South Korean law requires.
- The fine of $408 million is the largest ever for a data leak in South Korea.
- The breach happened because a former employee stole a security key and accessed customer accounts.
- South Korea’s privacy regulator criticized Coupang for weak safety systems and delayed notifications.
- Coupang is based in Seattle but earns most of its money in South Korea.
- US lawmakers have expressed concern that South Korea’s investigation might unfairly target US-listed companies.
- Coupang holds about 40% of South Korea’s logistics market, making it a major player in e-commerce.
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