South Korea Fines Lotte Card $3.6 Million, Suspends Operations Over Data Breach

South Korea's Financial Services Commission (FSC) has imposed a significant penalty on Lotte Card, ordering a 1.5-month suspension of its business operations and a fine of 5 billion won (approximately $3.6 million USD). This action stems from a major data breach that occurred in August of the previous year, during which hackers compromised the credit information of nearly 3 million customers.

The FSC's decision was finalized during its 14th meeting on July 31. The investigation into the breach began in September, shortly after Lotte Card reported the incident to financial authorities. The Financial Supervisory Service conducted a thorough review of the hacking incident and the subsequent data leak.

This regulatory action highlights the stringent measures South Korean financial authorities are taking to address data security and protect consumer information in the wake of increasing cyber threats.