Coupang Forms Information Security Committee After Record Data Leak Fine
Coupang has formed a seven-member information security committee after a massive customer data leak led to a record 624.7 billion won fine in South Korea.
The committee consists of seven experts in information security, law, management and information technology, the company said. They include Coupang Chief Information Security Officer Brett Matthes, Eumene Kang, a senior adviser at law firm Kim & Chang, and Kim Hyun-kyung, a professor at Seoul National University of Science and Technology.
At its first meeting Tuesday, the committee members discussed changes in relevant laws and regulations, growing security threats in the market and possible countermeasures.
"We will continue to improve our security system by incorporating the expertise and know-how of specialists, while striving to exceed global standards," a Coupang official said, according to Yonhap News Agency.
The move comes after the government found that the data breach disclosed in November last year affected more than 33 million users, equivalent to about 68 percent of South Korea's total population. The fine, announced in June, was a record for the country.
U.S.-listed parent company Coupang Inc., which generates more than 90 percent of its total revenue from its Korean operations, came under intense public criticism and scrutiny in South Korea following the disclosure.