8 months ago
SK Telecom Ordered to Pay $67 Per User Over Data Leak
SK Telecom, a big phone company in South Korea, had a serious data leak that affected all of its 23 million users.
The government found out and said the company has to pay each user 100,000 won, which is about $67.
This is because the leak caused problems for the users.
The total amount SK Telecom has to pay is about 2.3 trillion won, which is a lot of money.
The company is thinking about what to do next.
The government also fined SK Telecom a lot of money earlier for the same issue.
SK Telecom was ordered to pay 100,000 won ($67) to each of its 23 million users affected by a data breach.
The compensation is to be provided as a 50,000 won reduction in monthly subscription fees and 50,000 won in cash-equivalent credits.
The total estimated payout is about 2.3 trillion won ($1.5 billion), exceeding SK Telecom's 2024 net profit of 1.43 trillion won.
The data breach was disclosed in April, and the Personal Information Protection Commission (PIPC) fined SK Telecom a record 134.8 billion won in August.
SK Telecom has 15 days to accept the verdict, after which the agency will provide compensation to all affected users, including those who did not participate in the mediation process.
- Who
- SK Telecom Co and 23 million affected users
- What
- Data breach and subsequent compensation order
- Where
- South Korea
- When
- Data breach disclosed in April, compensation ordered in August, decision announced in October
- Why
- To compensate users for the damage caused by the data breach
Key facts
- Company
- SK Telecom Co
- Number of Affected Users
- 23 million
- Compensation Amount
- 100,000 won ($67) per user
- Total Estimated Payout
- 2.3 trillion won ($1.5 billion)
- Regulatory Fine
- 134.8 billion won
- SK Telecom's 2024 Net Profit
- 1.43 trillion won
- SK Telecom's 2024 Sales
- 17.94 trillion won
Quotes
Korea Consumer Agency
South Korea's state-run consumer agency
“Considering the joint investigation conducted by the government and the private sector in July and the ruling by the PIPC, it was recognised that the hacking incident caused damage to consumers.”
freepressjournal.in
“SK Telecom holds responsibility for compensating individual consumers for the damage.”
freepressjournal.in
SK Telecom
South Korean telecommunications company
“We will closely review the ruling and make a prudent decision.”
freepressjournal.in
