STOCK MARKET WATCH -- Tuesday, 18 February 2014

[Demeter]

14. In Korea, they punish banks for ID theft

http://www.marketwatch.com/story/in-korea-they-punish-banks-for-id-theft-2014-02-17?siteid=YAHOOB

In the U.S. and many other developed economies, the hacking of customer information isn’t all that uncommon. And (in the popular imagination, at least) the companies from which the data are stolen often seem to react to such thefts with little more than a sigh and a shrug.

Sure, they might post a message of apology, or even offer a discount or two, but it’s as if it’s no big deal. And that’s assuming the company in question even reports the hacking.

Ah, but in South Korea, they don’t mess around. Korea’s financial-services regulator announced Sunday that three firms which suffered the theft of consumers’ data last year would be barred from issuing any new credit cards or extending any loans until mid-May. (Read more on the incident here.) In fact, the executives at the companies involved showed their contrition by going before television cameras and making deep bows and personal apologies. Some executives reportedly resigned over the incident, even though the alleged ID thieves were caught and arrested...