[Harold Rogers / CEO of Coupang Korea (Today): {Are you saying data leaks aren't illegal in the US?} That's correct. If this leak had happened in the US, it would not be a violation of data privacy laws.]
[Anchor] Even hearing it again, it doesn't really make sense. Is this actually true? [Reporter] It's hard to see the claim that it's not a law violation as factual. Numerous companies in the US have already faced punitive liability for failing to properly protect customer data. And there is a legal basis for that. It's the US Federal Trade Commission (FTC) Act, which is equivalent to our Fair Trade Commission. It states that "unfair or deceptive acts or practices by businesses are unlawful."
[Anchor] Looking at the clause itself, it seems like a broad regulation. Are you saying they can be held responsible for security failures under this? [Reporter] Yes. Under this law, Facebook paid a fine of over 7 trillion KRW (approx. $5B) in 2019.
"Netizens are absolutely roasting the CEO for his 'alternative facts' about US law, pointing out that if he wants US standards, he should get hit with those massive US-style multi-billion dollar fines. Most people see him as a high-paid human shield just doing his job by being the designated 'hate-absorber.'"
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