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Korean Banks Forced to Compensate Hacking Victims

Posted by ScuttleMonkey on from the capitalism-at-lawpoint dept.

An anonymous reader writes "A brief story over on Finextra reveals that the Korean government is introducing new legislation that will force banks to compensate customers who have been victimized by identity theft even if the banks are not directly responsible. This action obviously will not stem identity theft but the hope is that this will push banks into security improvements that will make identity theft much harder."

2 of 154 comments (clear)

  1. Schneier likes it by Anonymous Coward · · Score: 5, Informative

    This is exactly what Bruce Schneier has been advocating for a while...here's his take on this story.

  2. Better than the Secret Service's crap here... by chroot_james · · Score: 5, Interesting

    While I was working for Harvard Law School, the Secret Service came and spoke to the different IT communities at Harvard. What they came to tell us was that if there was any security breach, they would help us minimize the damages and then went through their plan on how to do that. The plan was essentially to not scare the public, not tell anyone, and hide as much of the damage as possible and try to recover. That basically does nothing for anyone interested in *actually* knowing how safe they are.

    Kudos to to Korea having the balls to blame the people leaving the doors to security breaches WIDE open.

    --
    Reality is nothing but a collective hunch.