Update: Coupang Under Probe After Massive Data Breach

MT Newswires Live12-02

(Updates with attribution to Coupang in the second paragraph and reaction by the company in the fifth and sixth paragraphs.)

Coupang (CPNG) was under investigation by South Korean police Monday after the company suffered a massive data breach, news outlets reported.

Personal data of at 33.7 million customers of the e-commerce platform was leaked in a breach that authorities believe began months ago but wasn't discovered until Nov. 18, the company said in an email to MT Newswires.

Reports cited South Korea's Science Minister Bae Kyung-hoon as saying Sunday that perpetrators had "abused authentication vulnerabilities" in Coupang's servers and that officials would investigate whether the company violated personal information protection rules.

Reuters cited message board posts showing that more than 10,000 people were planning to join a potential class-action lawsuit against Coupang.

Coupang said in an email that it became aware on Nov. 18 of an unauthorized data breach involving about 4,500 customer accounts and immediately notified authorities, including police.

"Coupang blocked the unauthorized access route, strengthened internal monitoring, and retained experts from a leading independent security firm," the company said. "The investigation is ongoing and Coupang continues to work with law enforcement and regulatory authorities."

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment