Korea's PIPC Chief Admits Data Security Failures at Parliamentary Audit

PIPC chairperson Song Kyoung-hee told South Korea's National Assembly that the country's data protection systems lag considerably behind international standards. The admission comes as AI-assisted banking breaches test the new PIPA regime, which allows fines of up to 10% of revenue.

• PIPC admitted data security lags and investment has not kept pace
• Breaches hit Shinhan Bank (25,000 customers) and KB Kookmin Bank (119 clients)
• New PIPA took effect September 11, 2026, with fines up to 10% of revenue
• Regulator pledged a victim compensation fund and reversed burden of proof