Lotte Card given notice of $3M penalty, business suspension over massive data breach

Yonhap News reports that Lotte Card has been notified by South Korean regulators that it faces about 5 billion won (~$3.38M) in fines and a business suspension of over four months due to a massive data leak that affected nearly 3 million customers; the penalties will be finalized by the Financial Services Commission. This is the second monetary penalty tied to the same incident, and regulators in South Korea have previously imposed similar suspensions and fines in comparable breaches.