Coupang forms information security panel after data leak

E-commerce giant Coupang 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 ($460 million) by the Korean government in June over a massive customer data leak late last year.

“We will continue to improve our security system by incorporating the expertise and skill of specialists, while striving to exceed global standards,” a Coupang representative said.

The Information Security Advisory Committee consists of seven experts in information security, law, management and information technology, the company said.

They include Coupang Chief Information Security Officer Brett Matthes, Eumene Kang, a senior adviser at law firm Kim & Chang, and Kim Hyun-kyung, a professor at Seoul National University of Science and Technology.

At their first meeting Tuesday, the committee members discussed changes in relevant laws and regulations, growing security threats in the market and possible 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 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.

Yonhap