On June 4th, following the government’s announcement enforcing the Personal Information Protection Act, eight organizations including the Personal Information Protection Law Society, the Venture Business Association, the Startup Alliance, the Korea Startup Forum, and the Korea Game Industry Association co-hosted a debate titled "My Data Across Different Industries, Advancing or Regressing the Data Industry?". 

 

 

At the forum, the central issue discussed was finding an optimal balance between personal information protection and the enhancement of IT competitiveness. Various experts emphasized the necessity for a phased implementation of MyData policies and measures to protect sensitive information.
 
There was a point that, as the Personal Information Protection Act is essentially a regulatory law, MyData, when operated within this framework, would inevitably focus more on stringent regulations rather than innovation. There was also a call for cautious policy considerations to protect domestic platform companies in the global competition. Additionally, referencing the EU's GDPR, concerns were raised about the potential leakage of trade secrets, advocating for a careful approach.
 
Eung Jun Jeon, an attorney from the TMT and Information Protection team at LIN, was the second presenter and gave a presentation on "Review of the Revised Draft of the Enforcement Decree of the Personal Information Protection Act."
 
Attorney Jun pointed out, "Article 35-3, Paragraph 1 of the Personal Information Protection Act stipulates only 'management and analysis to support the exercise of the data subject's rights' concerning the duties of specialized institutions." He further commented, "While the Credit Information Act has established a new business model of personal credit information management in response to the data subject's right to request transmission, the specialized institutions for personal information management do not have such provisions in the law. Hence, it is unclear whether they can provide proactive services such as integrated inquiries or customized services." He also expressed concerns that "the right to request transmission applies to foreign entities, which could result in the transfer of personal information of domestic data subjects held by Korean businesses to foreign entities." He added, "There may be information transmission obligors who manage the relevant personal information but face significant deficits, so this aspect needs to be considered in the enforcement decree."
 
In the era of the Fourth Industrial Revolution, the world has embraced a hyper-connected society, powered by intelligent networks based on technologies such as IoT, cloud computing, big data, mobile, and artificial intelligence, where people, processes, data, and things are interconnected. If personal information and corporate confidential data are leaked through hacking incidents, the concerned company faces legal risks such as civil lawsuits, administrative sanctions, and criminal penalties, not to mention irreparable damage to its corporate image. Therefore, managing information protection and technical risks have become a fundamental task for corporate management.
 
The TMT and Information Protection team at LIN consists of legal experts well-versed in regulatory trends, having served as advisory lawyers and committee members for government departments like the Personal Information Protection Commission, Korea Communications Commission, Ministry of Science and ICT, and Financial Services Commission. They provide effective advice and solutions tailored to the demands of the rapidly changing information era and corporate clients' needs, including legal consultation on laws related to personal information such as the Personal Information Protection Act, the Information and Communications Network Act, the Credit Information Act, and the Location Information Act, as well as restructuring business processes, establishing information security and systems, and utilizing big data efficiently.
 
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"MyData Across Different Industries: Many Oppose... Caution Needed"