South Korea Fines Coupang Record $409M for Data Breach
South Korea imposed on Thursday a record US$409 million fine on e-commerce giant Coupang over a leak that exposed the data of more than 30 million customers, provoking ire from US lawmakers. The move caps a months-long probe into the country’s largest online retail platform, which is incorporated in the United States. Allegations of a massive data leak first surfaced in November, becoming an unexpected source of friction between Seoul and Washington. “We have decided to impos
South Korea has levied a record-breaking fine of $409 million against e-commerce company Coupang following a significant data breach. The penalty stems from a leak that compromised the personal information of over 30 million customers.
The investigation into the US-incorporated online retail platform, the country's largest, has been ongoing for several months. The data leak, which came to light in November, has become a point of contention between South Korea and the United States.
This substantial fine highlights the significant financial and regulatory consequences companies face for inadequate data protection measures, particularly for major online platforms.
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