Regarding the recent credit card fiasco that panicked millions of innocent customers, time is more than ripe for concrete action rather than the hollow rhetoric of a sincere apology.
Repeated oversights: a companies' failure to protect client information from an unauthorized third party in the first place; and voluntary breaches of law, also a failure to delete client information after client withdrawal by companies have demonstrated that legislation, which calls for more stringent government surveillance over companies while reserving consequential punitive damages for companies failing to safeguard clients' privileged information, is a priority.
In the past, opposition or consistent lobbying from the financial sector and interest groups has frustrated such legislation before even a meaningful discussion of a vote. With the angry public strongly approving such a measure and the financial sector never daring to voice pronounced disagreement, lawmakers should push the legislation and not display the usual incompetency that disappoints voters.
Choi Si-young
Editing adviser on Yonsei European Studies at Yonsei University, Seoul
Repeated oversights: a companies' failure to protect client information from an unauthorized third party in the first place; and voluntary breaches of law, also a failure to delete client information after client withdrawal by companies have demonstrated that legislation, which calls for more stringent government surveillance over companies while reserving consequential punitive damages for companies failing to safeguard clients' privileged information, is a priority.
In the past, opposition or consistent lobbying from the financial sector and interest groups has frustrated such legislation before even a meaningful discussion of a vote. With the angry public strongly approving such a measure and the financial sector never daring to voice pronounced disagreement, lawmakers should push the legislation and not display the usual incompetency that disappoints voters.
Choi Si-young
Editing adviser on Yonsei European Studies at Yonsei University, Seoul
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