Market Chatter: Coupang Faces $409 Million Fine as Korean Regulator Cites Cybersecurity Failures

MT Newswires Live06-11 16:05

Coupang's (CPNG) South Korean entity was hit with a record 624.7 billion won ($409 million) fine for a major data breach and associated privacy violations that impacted nearly 34 million accounts, Bloomberg reported Thursday.

According to the report, the Personal Information Protection Commission said weak internal controls allowed a former employee to access customer data undetected for months, imposing 423.6 billion won of the penalty for the data leak and 201.1 billion won for non-consensual data collection.

Coupang said it regretted the ruling and will review the formal decision, with the option to challenge the penalty in court, while previously warning that customer compensation measures tied to the breach could slow revenue growth this year, Bloomberg added.

Coupang didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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