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Coupang (CPNG) Fined $400M for Data Breach Affecting 30M Customers
Coupang (CPNG) has been hit with a record fine of over $400 million by South Korea's Personal Information Protection Commission (PIPC) for a data breach that exposed the data of over 30 million customers. This fine includes 423.6 billion won for the breach and an additional 201 billion won for non-consensual data collection. The breach reportedly impacted more than half of South Korea's 50 million population and was linked to poor data management practices. Coupang plans to challenge the ruling legally while acknowledging the need to improve security measures.
Read More: Coupang (CPNG) Fined $400M for Data Breach Affecting 30M Customers
Coupang (CPNG) Fined $409 Million for Major Data Breach
Coupang (CPNG) has been fined $409 million due to a data breach that exposed personal information of approximately two-thirds of South Korea's population. This significant penalty marks one of the largest fines for a data security incident in the country. The breach highlights the critical importance of data protection and could lead to increased regulatory scrutiny on tech companies operating in the region. It raises potential concerns for investors regarding the financial implications for Coupang moving forward.
Read More: Coupang (CPNG) Fined $409 Million for Major Data Breach
Temu Faces €200m EU Fine for Selling Illegal Products
The European Union has imposed a fine of €200m ($232m) on Temu for selling illegal products, including hazardous baby toys and faulty chargers. The European Commission noted that Temu failed to identify and assess risks associated with these products. The investigation revealed that many chargers did not pass safety tests and baby toys contained hazardous chemicals or small parts posing suffocation risks. Temu must present an action plan to address these issues by August 28, 2024, after which the Commission will evaluate compliance.
Read More: Temu Faces €200m EU Fine for Selling Illegal Products