South Korean regulator suspends Lotte Card 1.5 months for data breach

South Korea’s Financial Services Commission voted on 31 May to impose a 1.5‑month business suspension on Lotte Card and a fine of 5 billion won after a hacking incident exposed the personal data of roughly 2.97 million customers. The sanction, the first of its kind to halt operations for a banking‑sector data breach, will be effective from 1 September to 15 September, during which the firm may not issue new cards. Existing card services, such as re‑issuance, loans and cash advances, will continue for current customers.

The commission said the penalty considered fairness with previous sanctions, Lotte Card’s post‑incident remedial efforts, and the potential impact on the financial market and consumers. It also pledged to strengthen regulatory frameworks to prevent similar breaches and to monitor consumer protection throughout the suspension period.