With its adoption of an adequacy decision pursuant to Art. 45 General Data Protection Regulation (GDPR) for the Republic of Korea on Dec. 17, 2021, the European Commission has declared that the country provides an adequate data protection level comparable with GDPR standards.
Beginning in April 2022, banking organizations and bank service providers will be subject to the shortest regulatory breach notification reporting time frame of any law to date – 36 hours.
The new Telecommunications Telemedia Data Protection Act (TTDSG) (link in German) is the result of a clean-up campaign in German data protection law. The TTDSG, which became effective 1 December 2021, merges the data protection regulations in telemedia and telecommunications law that were previously scattered across a wide array of German laws.