Korea raises data breach fines to 10% of revenue

You can just do what my university did, hire a small shell firm with 3 employees to hold all your data, and when it got hacked they just went bankrupt and we switched to a new shell firm with similar form and function.

Minimizes money usage and does not require any security investments

Wow! :O Finally, a legislator with enough balls to put up something that _might_ (just might) make corporations _actually_ care about security and privacy! I can't wait for this to start being adopted in other countries. It's about time!

"through intent or gross negligence"

I'm not familiar with Korean law but that seems a rather high bar. I don't think we'll see many fines actually levied.

Huge fines but reasonable. Especially now with all the people doing blind vibe coding

This feels like a really odd way to incentivize data breaches and/or not reporting data breaches.

Sounds great if all the following is true.

* Before Tax Revenue

* If the company is owned by another company, the revenue is the total of all companies owned by the highest level parent.

* Includes Worldwide Revenue

* Includes companies based in all other Countries.

I would have went for 20%, but if he above applies I wish the US would do the same.

I would like to make a wager on this law being ignored the first time Samsung or another chaebol violates it and is facing a fine equal to 10% of revenue. I can almost guarantee it, it’s a high enough fine to turn some low-margin businesses from profitable to unprofitable for the year and there’s no such thing as a secure computer system. The only way to guarantee compliance is to not store any data which isn’t exactly reasonable for some business models.

Higher.

Imagine 10% of Samsung!

Edit: "That'll be $23B. Cash or card?"

It's childish of me I know, but if this actually goes through I will feel a twinge of delight at the refutation of all the HN commenters who have argued that such enforcement is unrealistic.