What It Is

K-PIPA, or Personal Information Protection Act, is South Korea's comprehensive data protection regulation enacted in 2011 with major amendments in 2020, 2023, and 2024. It governs collection, use, storage, transfer, and deletion of personal information, including sensitive data like health and biometrics, for all data handlers—domestic and foreign targeting Koreans. Adopting a consent-centric, risk-based approach, it emphasizes transparency, minimization, and accountability enforced by the PIPC.

Key Components

• **Core principlesConsent primacy, purpose limitation, data minimization, security safeguards.
• **ObligationsMandatory CPOs, granular consents, 10-day data subject rights responses, 72-hour breach notifications.
• Tiered rules for large entities (e.g., qualified CPOs, domestic reps).
• No certification model; compliance via PIPC audits, fines up to 3% revenue.

Why Organizations Use It

• Legal mandate for Korean data processing, avoiding fines (e.g., Google's KRW 70B).
• Builds trust, enables EU adequacy flows.
• Mitigates risks from breaches, extraterritorial enforcement.
• Competitive edge via privacy-by-design, customer loyalty in privacy-sensitive market.

Implementation Overview

Phased: Gap analysis, data mapping, CPO appointment, technical controls (encryption, logs), training, vendor DPAs. Applies to all sizes/sectors handling Korean data; no certification but PIPC guidelines/ISMS-P aid. Involves audits, simulations; 18-24 months typical for maturity.

What It Is

ISO 31000:2018 — Risk management — Guidelines is an international standard providing a principles-based framework for managing risk. It applies to any organization, emphasizing systematic identification, assessment, treatment, monitoring, and communication of risks affecting objectives.

Key Components

• Eight core principles (integrated, structured, customized, inclusive, dynamic, best information, human factors, continual improvement)
• Framework (leadership, integration, design, implementation, evaluation, improvement)
• Process (communication, context/criteria, assessment, treatment, monitoring/review, recording/reporting)
• Non-certifiable; focuses on governance integration over prescriptive controls

Why Organizations Use It

• Enhances decision-making, resilience, and value creation/protection
• Meets regulatory expectations (e.g., Basel III) and contractual needs
• Builds stakeholder trust via transparent risk practices
• Provides competitive edge through opportunity identification and agility

Implementation Overview

• Phased approach: diagnosis/design, build/deploy, operate/optimize, institutionalize
• Tailored to size/sector; involves policy, training, tools (e.g., risk registers)
• Universal applicability; no certification but internal audits recommended (178 words)