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

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.