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from the ensuring-fairness-and-safety dept.
Papas Fritas writes:
"Michael Kitchen at Marketwatch reports that when companies in the US are hacked for customer information they often seem to react to such thefts with little more than a sigh and a shrug if they even report it at all. But in South Korea, they don't mess around with ID theft.
South Korea's financial-services regulator announced Sunday that three firms which suffered the theft of consumers' data last year would be barred from issuing any new credit cards or extending any loans for three months. In addition, the executives at the companies involved showed their contrition by going before television cameras and making deep bows and personal apologies. Some executives reportedly resigned over the incident, even though the alleged ID thieves were caught and arrested. The South Korean Financial Supervisory Commission (FSC) said the companies had 'neglected their legal duties of preventing any leakage of customer information.'"
(Score: 5, Insightful) by lubricus on Tuesday February 18 2014, @10:57AM
Not mentioned in the article is whether or not the banks quickly and transparently reported the breach.
I agree that people should be held accountable, but it seems much more important to me that breaches are quickly and openly reported so that customers and take actions to protect themselves. I worry that punitive actions could be another factor (in addition to lawsuits, quarterly earning reports) that incentivizes coverups.
If anything should be penalized, it should be the coverup of the breach, not the breach itself.
... sorry about the typos
(Score: 3, Informative) by girlwhowaspluggedout on Tuesday February 18 2014, @12:00PM
Neither quickly, nor transparently, or at all.
According to the BBC [bbc.co.uk], "the data was easy to steal because it was unencrypted and the credit card firms did not know it had been copied until investigators told them about the theft". I've posted additional details in a message below [soylentnews.org].
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