South Korea: Compensation suits over data breach may cost card companies USD 117 mln

Monday 19 May 2014 08:36 CET | News

South Korean credit card companies KB Kookmin Card, NH Nonghyup Card and Lotte Card, which were hit by a recent large data breach, have to pay up to USD 117 million in compensation to their customers to settle lawsuits, according to online media outlet Yonhap News Agency.

In January 2014, the Financial Supervisory Service (FSS), the countrys financial watchdog, revealed that around 14 million clients personal data, including bank account numbers, addresses and credit ratings, had been leaked from the three card issuers.

The leaked data contained sensitive personal information, including resident registration numbers. Beside the compensation costs, the three card companies also have to shoulder additional expenses for card reissuance and other related services.

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Keywords: data breach, online fraud, online security, South Korea
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime