South Korea Hits E-Commerce Giant With Record $409 Million Fine Over Data Leak Of 33 Million Users

Coupang said it regretted that measures it had taken following the incident and explanations it provided to authorities were not sufficiently reflected in the regulator's decision. (Credit: Getty Images)

South Korean authorities have imposed a record $408 million fine on e-commerce giant Coupang after concluding that a massive data breach exposed the personal information of more than 33 million customers.

The penalty, announced by the Personal Information Protection Commission (PIPC), is the largest data privacy fine ever issued in South Korea. Regulators said the company failed to implement adequate safeguards to protect customer information and did not notify authorities within the 72-hour period required under South Korean law, according to Al Jazeera, which cited comments from the privacy watchdog.