South Korea on Monday said that it would toughen the penalties for stealing trade secrets.
This is in response to worries that the law as it was was ineffective in preventing attempts to smuggle innovations from firms like Samsung.
In recent months, South Korea has intensified its efforts to stop technology leaks as it tries to hold onto its narrowing competitive advantage in memory chips and displays.
According to a statement released by the industry ministry on Monday, South Korea’s Sentencing Commission, which is under the direction of the Supreme Court of Korea, agreed this month to toughen penalties and increase jail terms for disclosing South Korean technology.
Although South Korea’s technology leak penalties are comparable to those in other nations, including jail terms of five years or more for technology leaks with “significant impact on national and economic security,” in practise sentencing falls short due to difficult-to-meet requirements, the industry ministry said.
Early next year is when the revised sentencing guidelines’ specifics are anticipated.
