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South Korea's mandatory cyber-liability insurance now applies only to larger firms

By Wooyoung Lee ( March 27, 2025, 08:13 GMT | Insight) -- South Korea’s policy on mandatory cyber-liability insurance will get a significant overhaul because of low participation among companies and complaints about expensive premiums and limited coverage, the country’s privacy watchdog said. Among countries with advanced economies, South Korea appears to be the only one that mandates that businesses obtain insurance coverage for potential liabilities arising from data breaches. According to the privacy regulator, no other member-state of the Organization for Economic Cooperation and Development has a similar requirement.South Korea’s policy on mandatory cyber-liability insurance will get a significant overhaul because of low participation among companies and complaints about expensive premiums and limited coverage, the country’s privacy watchdog said....

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