What It Is

K-PIPA (Personal Information Protection Act) is South Korea's comprehensive data protection regulation enacted in 2011 with major amendments in 2020, 2023, and 2024. It safeguards personal information, including sensitive data like health and biometrics, for all data handlers processing Korean residents' data. Employs a consent-centric, risk-based approach with principles of transparency, minimization, and accountability enforced by the PIPC.

Key Components

• Core pillars: explicit consent, CPO mandates, data subject rights, security safeguards, cross-border transfer rules.
• Over 30 articles covering obligations like 10-day rights responses and 72-hour breach notifications.
• Built on GDPR-aligned principles but emphasizes granular opt-ins and criminal sanctions.
• Compliance model via PIPC enforcement, no formal certification but ISMS-P for transfers.

Why Organizations Use It

Mandatory for domestic/foreign entities targeting Koreans to avoid 3% revenue fines (e.g., Google's $50M penalty). Enhances risk management, builds stakeholder trust, enables EU adequacy data flows, and provides competitive edges in privacy-sensitive markets.

Implementation Overview

Phased approach: gap analysis, CPO appointment, data mapping, PbD controls, training, audits. Applies to all sizes handling Korean data; involves technical encryption, vendor DPAs, breach playbooks. PIPC investigations enforce via fines/orders.

What It Is

APRA Prudential Standard CPS 234 (Information Security) is a mandatory prudential regulation for APRA-regulated financial institutions in Australia, effective 1 July 2019. It requires maintaining information security capabilities commensurate with threats and vulnerabilities to minimize impacts on confidentiality, integrity, and availability (CIA) of information assets, including those managed by third parties. Adopts a risk-based, assurance-driven model with explicit board accountability.

Key Components

• Board ultimate responsibility (para 13) and defined roles (para 14)
• Policy framework, asset classification by criticality/sensitivity (paras 18-20)
• Lifecycle controls, incident response plans, systematic testing (paras 21-31)
• Internal audit assurance, APRA notifications (72 hours incidents, 10 days weaknesses; paras 32-36) No fixed controls; commensurate with risk; aligns with ISO 27001/NIST.

Why Organizations Use It

• Legal requirement for banks, insurers, super funds to avoid penalties
• Mitigates cyber/operational risks, ensures resilience
• Builds customer trust, enables sound operations
• Competitive edge via robust governance

Implementation Overview

Phased: gap analysis, governance/policies, asset inventory/controls, testing/assurance, third-party management. Proportional to size/risk; ongoing audits, no certification but APRA supervision.