The Ministry of Digital Economy and Society (DE) is planning to increase penalties for the trading of personal data from a 1-year prison sentence to 5 years, and enhance the responsibility of financial institutions, telecommunications service providers, and online social media service providers when users suffer damages, including expediting compensation for victims when they are deceived by professionals.
This escalated penalty enforcement is aimed at elevating protective measures to reduce cybercrimes and streamline data breaches to zero, aligning with the ministry’s objectives. The Prevention and Suppression of Technology Offenses Act is currently under review by the legislative committee, with expectations of swift consideration by the cabinet.
Source: Public Relations News
TLDR: The Ministry of Digital Economy and Society is increasing penalties for personal data trading and enhancing financial institutions’ responsibilities to combat cybercrimes effectively. Action is being taken to expedite the decision on the Prevention and Suppression of Technology Offenses Act by the cabinet.
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