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In the wake of massive data leaks in recent months, insurance companies here in Korea
are coming up with ways to better compensate customers who have had their personal information
compromised. Starting this week, it will be easier for
some affected individuals to receive damages for losses.
Kwon Soa has the details. Victims of financial fraud caused by hacking or phishing scams
will be better compensated in the near future. Five major insurance companies announced this
Monday that they will introduce reforms to compensation measures... so that their customers
can receive compensation for damages more easily and more quickly.
Hyundai Marine & Fire Insurance, Samsung Fire & Marine Insurance, and Dongbu Insurance,
will be some of the first to come out with the new insurance products this week.
After assessing the move, smaller firms are expected to join in as well.
Up until now, individuals have only been eligible to receive compensation when financial firms
were found to be responsible for fraud or a leak.
The change means they will be able to receive damages for losses even when it's not clear
who is behind the breach of privacy. It comes as concerns are growing about personal
data protection. Millions of Koreans have been affected by
data leaks in recent months. Customers of KB Kookmin Card, NH NongHyup
Card, and Lotte Card had personal information leaked, as did those who do business with
Standard Chartered Bank Korea and Citibank Korea.
As such, financial authorities plan to make those companies subscribe to the new insurance
before others. Kwon Soa, Arirang News.