EmbeddingGemma 2: an open, lightweight multimodal embedding model
deepmind.google·6d ago
AI Engineering
Hacker News·24d ago·5 min read
Korea raises data breach fines to 10% of revenue
TL;DR
Korea is increasing fines for data breaches to 10% of a company's total revenue, aiming to enhance data protection accountability. This change targets companies that leak personal data of 10 million or more individuals due to negligence or intent.
✦ Why It Matters
Review your data protection policies to ensure compliance with the new regulations and avoid hefty fines.
Key Takeaways
- Assess your current data protection measures immediately.
- Implement a breach notification process within 72 hours.
- Consider appointing a chief privacy officer if required.
- Invest in data protection to potentially reduce future fines.
Full Summary
Korea's Personal Information Protection Commission has revised its Personal Information Protection Act, significantly increasing penalties for data breaches. Companies that leak personal data of 10 million or more individuals can now face fines up to 10% of their total revenue, a sharp increase from the previous cap of 3%.
This change is part of a broader effort to hold companies accountable for data protection and to encourage them to view data security as a proactive investment. Companies that demonstrate prior investment in data protection can receive up to a 40% reduction in fines.
Additionally, a new requirement mandates that companies notify affected individuals within 72 hours of identifying a potential data breach. The authority of chief privacy officers is also expanded, requiring board approval for their appointment in larger organizations.
These measures aim to enhance consumer trust and improve corporate accountability in data management.