Seoul: E-commerce giant Coupang Corp. said Tuesday it has launched an information-dedicated committee to overhaul its security system and bolster public confidence in the company. The move comes months after the company was slapped with a record fine of 624.7 billion won (US$460 million) by the South Korean government in June over a massive customer data leak late last year.
According to Yonhap News Agency, Coupang aims to enhance its security measures by integrating the expertise and knowledge of specialists, striving to exceed global standards. The newly formed Information Security Advisory Committee comprises seven experts in fields such as information security, law, management, and information technology (IT).
The committee members include Coupang Chief Information Security Officer (CISO) Brett Matthes, Eumene Kang, a senior adviser at law firm Kim and Chang, and Kim Hyun-kyung, a professor at Seoul National University of Science and Technology. During their first meeting on Tuesday, they discussed changes in relevant laws and regulations, growing security threats in the market, and potential countermeasures.
U.S.-listed parent company Coupang Inc., which generates more than 90 percent of its total revenue from its Korean operations, came under intense public criticism and scrutiny in South Korea following the disclosure of the customer data breach in November last year. The government found that the data breach affected more than 33 million users, equivalent to about 68 percent of the Asian country's total population.