The Korean Communications Commission (KCC) has announced the implementation of a new penalty scheme which allows companies that have voluntarily reported a data breach to the KCC, to receive a reduction on the fine they would receive by up to 30%.
This new scheme operates in addition to the penalty regime by encouraging companies to report breaches, mitigating any fine they receive and encouraging an atmosphere of co-operation with the KCC.
It can also be linked in to The Promotion of Information and Communications Network Utilisation and Information Protection Act 2001 which introduced an increase in the fine for data breaches by up to 3% of the related sales. The Personal Information Protection Act 2011 also increased the damages which victims of data breaches may obtain as a result of a private action.
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