Lee calls for tougher penalties, says firms should fear collapse after privacy breaches

President Lee Jae Myung on Friday called for tougher penalties on companies that experience recurring personal data breaches, saying too many firms flout the rules without fear of consequences. He proposed imposing fines equal to 3 percent of a company's highest annual revenue over the past three years, while the Personal Information Protection Commission (PIPC) said it is seeking to introduce a punitive system to address repeated personal data leaks. Speaking at a policy briefing by the information privacy watchdog, the president said that companies must face consequences severe enough to make them fear going out of business if their negligence harms the public. "If you violate these rules, it should be a huge problem," he said. "But right now, companies seem to think, 'What are you going to do about it?' even after breaking them." Under current law, companies can be fined up to 3 percent of their total annual revenue for data breaches, calculated based on the average revenue of the past three years. After hearing this, Lee said the framework seemed weak and called for tougher measures.

Lee calls for tougher penalties, says firms should...