[Consultation] Review of Personal Information Protection Act related to data monetization.

Law firm Veat conducted a review of the Personal Information Protection Act related to data monetization.

A, which provides data-based marketing solutions services, is preparing a business to sell data containing personal information acquired from customers, and in anticipation of this business structure, they requested a legal review from Law firm Veat.

In response, Law firm Veat thoroughly analyzed the business structure offered by A, including the form of data provided, and, in cases where personal credit information would be processed outside the scope of acquiring personal credit information from customers, they reviewed the potential violations of the Personal Information Protection Act and the Credit Information Act (hereinafter referred to as the ‘Credit Information Act’).

In light of the Digital New Deal era, many companies are preparing business to monetize existing customer personal data, and in this case, it is necessary to anonymize or pseudonymize personal (credit) information, so that it cannot be identified or specified as the personal (credit) information subject, in order to use customer data in a legitimate manner, and the importance of reviewing personal information-related laws to prevent risks such as data leakage is also increasing.

Law firm Veat possesses abundant advisory experience related to personal information-related regulations such as the Personal Information Protection Act and the Credit Information Act, and particularly, partners Jo Eun-byul and Baek Seung-cheol have been appointed as advisors to the Personal Information Protection Committee since February 2020, further enhancing their expertise in personal information-related matters. Please contact Law firm Veat if you need assistance with legal issues related to personal information and information protection.

Thank you.