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AI & Enterprise

Up to 3 percent fines for firms with repeat cyber incidents under network law from Oct. 1

South Korea will impose administrative fines of up to 3 percent of related revenue on companies that repeatedly cause cyber incidents through intent or gross negligence. The revised Act on Promotion of Information and Communications Network Utilization and Information Protection and its enforcement decree take effect on Oct. 1, the science ministry said. The changes raise the status of chief information security officers to executive level for some firms and require security committees.

AI & Enterprise

Executive-rank designation for CISOs to become mandatory, standards still unclear

South Korea’s cabinet has approved revisions to the Network Act requiring companies to appoint a chief information security officer (CISO) at executive level, with detailed applicability criteria to be set by enforcement decree. The law is expected to be promulgated as early as next week and take effect six months later, with some provisions delayed by a year. Data cited by KISA show many firms, especially mid-sized ones, still lack executive-level CISOs.