South Korean regulators have imposed a record fine of 624.7 billion won ($409 million) on Coupang Inc., the country's largest e-commerce platform. This penalty is the largest ever imposed on a single company in South Korea for a personal-data breach and caps a months-long probe into the US-listed and incorporated retail giant.
The investigation revealed a wide-ranging cyber-intrusion involving a former employee who improperly accessed personal information. Reports indicate that between 34 million and 37.5 million users had their private data exposed.
A data protection watchdog stated that the e-commerce giant failed to implement necessary safety measures and delayed reporting the breach.
The regulatory investigation of the US-incorporated company has led to diplomatic tension and a tiff between Seoul and Washington.