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South Korea overhauls mandatory cyber liability insurance policy

( March 27, 2025, 03:45 GMT | Official Statement) -- MLex Summary: South Korea’s mandatory cyber liability insurance policy will get a major overhaul because of low participation among companies and complaints about expensive premiums. The Personal Information Protection Commission said it would significantly narrow the scope of companies required to carry the insurance to companies with more than 1 million users and an annual turnover of more than 150 billion won (about $102 million), up from the current criteria of 10,000 users and an annual turnover of more than 1 billion won. To revitalize the policy, the PIPC is offering incentives, including a 50 percent reduction in insurance premiums and reduced fines for data breaches and expanded coverage that includes dispute settlement fees in arbitration mediated by the PIPC. The statement, in Korean, is attached....

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