Korean Authorities investigating Crypto to prevent the data loss and personal security
Korea has announced that it will be doing the investigation regarding the crypto exchange operators who all are handling the personal data, two of the agencies will be handling this who are Korea communications Commissions (KCC) and the Kore Internet & Security Agency (KISA). The report was announced on Monday, July 2nd.
Both the companies KCC and KISA will be looking into the matter with the help of a third party about the data rights by crypto exchange operators. Like, say for example smartphones apps are providing the services like real estate, shopping, and travel etc.
The investigation purpose is to validate the technical aspects and administrative aspects of the user’s personal data. It ensures how this is securing and monitoring the issues related to the individual data of the users. It will also protect the data from encryption and provides a malware protection. If, however, anyone is caught who has hacked the personal data then the government has decided a strict policy with both the crypto exchange operators KCC and KISA, they will be penalizing the hacker against violating the rule.
There are many violations done in the past by the companies and the government is taking the action very seriously. According to one of the newspaper Chosun, it was mentioned that the operators KCC will be investigating the big eight Crypto firms who all are involved in the money transactions and they will be penalized for violating the rules also the crypto firms have received the orders after violating Korea’s individual information protection act which was in 2017. According to the local news, it states that the recent hacks which have happened in the domestic cryptocurrency exchanges have a strong force and it is further enquiring a new investigation.
From the last month data, there was a $17 million hack of a major Korean exchange by which KISA has been investigating in the matter collaborating with the other agencies. Before the incident has happened, Bithumb was given the clearance for investing in the matter. The orders were given by the South Korean Authorities.
The year 2017 was very stressful for the Korean’s as there was a lot of news of Cybersecurity hacks and scrutiny from the regulators. AML (anti-money laundering) was one of the initiatives along with fraud prevention measure taken by the Korean government to prevent the hacking and violation of the rules and regulations.