Koreans have been forced into the realm of digital deliveries and contactless payment options due to the global pandemic. The change in conditions shall, likely, lead to more criminals looking to take advantage of this situation. Foreigners and international companies potentially could be exposed to significant risks from data and identity theft in Korea as the risks increase over the next 12 months.
A recent report by the Police Science Institute in Korea predicts that white-collar crimes such as fraud are expected to increase in 2021. The same report also highlighted the risk of digital identity theft, with crimes involving fraud over social media messaging apps increasing by 14.6% in 2020.
IPG Legal have written about the need for international companies to pursue proactive data protection policies in the past. Similar posts that may be of interest include Korean Data Privacy Act: Need for Compliance Audit for your Korean Company and Personal Data Protection in Korea under the Korean Information and Communications Network Act.
We shall be updating the reader when more information becomes known about these and related acts.
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