May 1 (UPI) -- South Korea's Financial Supervisory Service (FSS) reportedly decided Thursday to suspend the business operations of Lotte Card for 4 1/2 months over a data breach.
The financial watchdog is also reported to have finalized the disciplinary measure, including a $3.4 million penalty and a reprimand warning for its former CEO Cho Jwa-jin.
The FSS declined to confirm the reports, while Lotte Card acknowledged it.
"Imposing a business suspension over a hacking case would be an unprecedented level of sanction," Lotte Card said in a statement.
"As follow-up procedures remain, including a resolution by the Financial Services Commission (FSC), we will fully explain our position regarding the severity of the punishment, as well as our post-incident response efforts," it added.
