Alphabiz - Lotte Card Faces Potential Business Suspension Over Data Breach

Photo courtesy of Yonhap News

[Alpha Biz= Paul Lee] SEOUL, April 9, 2026 — Lotte Card is expected to face a business suspension following last year’s data breach that exposed customer information, according to financial industry sources.

The Financial Supervisory Service (FSS) recently issued a prior notice proposing sanctions, including a 4.5-month partial business suspension (four months and 15 days). The notice also reportedly includes a fine of 5 billion won and personal sanctions against former CEO Cho Jwa-jin, who was in charge at the time of the incident.

The FSS is scheduled to submit the proposed disciplinary measures to its sanctions review committee on April 16, where Lotte Card will have an opportunity to present its case. The final decision will be made following deliberation and approval at a regular meeting of the Financial Services Commission.

The move comes after the Personal Information Protection Commission announced on March 12 that it would impose a fine of 9.62 billion won and an additional penalty of 4.8 million won on Lotte Card, signaling escalating regulatory action over the breach.

Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)