Watchdog orders Lotte Card to compensate victims of hack

Watchdog orders Lotte Card to compensate victims of hack, after a cyber breach affecting 9.65 million individual customers was reported. The Korea JoongAng Daily reports that Financial Supervisory Service (FSS) said Gov. Lee Chan-jin instructed executives during a morning meeting to implement consumer protection measures to reduce harm and reassure customers while the agency investigates whether any personal information was leaked.

The FSS first activated its emergency response system, with the agency receiving a report from Lotte Card about the incident on Tuesday and launching an on-site investigation with the Financial Security Institute on Tuesday. The regulator also directed Lotte Card to strengthen the monitoring of suspicious transactions and prepare procedures to fully reimburse customers in cases of unauthorized use, with a view to ensuring full compensation where appropriate. Read more at Korea JoongAng Daily. according to Korea JoongAng Daily