Korea's biggest tech giant, Samsung Electronics, has agreed to pay a staggering record-breaking fine of $2.3 billion for its role in a widespread data breach scandal that affected over 30 million customers worldwide.
The company, which is known for producing some of the world's most advanced smartphones and semiconductors, was found to have accessed sensitive customer information without proper authorization from several major companies, including LG Group and SK Hynix. The breach occurred in 2017 and continued until 2018, with over 30 million customers falling victim to it.
The authorities issued the record-breaking fine on Friday as part of a broader investigation into Samsung Electronics' compliance with data protection laws in South Korea. The company has already acknowledged its role in the breach and promised to improve its cybersecurity measures to prevent similar incidents in the future. As part of the settlement, Samsung will also establish an independent review committee to oversee its data protection practices.