Mu-hyup Hosts Webinar Explaining EU General Data Protection Regulation

Photo by Korea International Trade Association

[Asia Economy Reporter Kim Heung-soon] The Korea International Trade Association announced on the 29th that it jointly held the 'EU General Data Protection Regulation (GDPR) Webinar' with the Korea Internet & Security Agency.

The event, held the previous day, was organized to discuss the potential impact and precautions of the upcoming 'Korea-EU Adequacy Decision' on Korean companies, following the initial practical agreement on the adequacy decision of the GDPR between Korea and the European Union (EU) and the commencement of the review process within the EU.

Once the adequacy decision is made, Korea's level of personal data protection will be recognized as equivalent to the protection level of the EU GDPR, resolving issues related to the cross-border transfer of personal data within Europe.

Jung Soo-yeon, a senior researcher at the Korea Internet & Security Agency, stated, "Until now, to transfer personal data collected in the EU to Korea, individual companies had to negotiate with EU regulatory authorities and establish additional safeguards, which imposed significant costs. With the adequacy decision, these issues are expected to be resolved; however, only the obligations related to cross-border transfers are alleviated, and overall GDPR compliance obligations must still be observed."

Yoon Jae-seok, a team leader at the Korea Internet & Security Agency, explained the support project for compliance with overseas personal data protection laws, saying, "Since the enforcement of the EU GDPR in 2018, cumulative fines have reached approximately 362.8 billion KRW. As the requirements for personal data protection have increased, businesses operating in the EU need to make more proactive efforts to comply with regulations."

Cho Hak-hee, head of the International Business Division at the Korea International Trade Association, said, "As the final approval of the Korea-EU adequacy decision is expected within this year, we will increase related support going forward. We hope this will serve as an opportunity for our companies to enhance their competitiveness in the global market and create more business opportunities in the era of digital transformation."