Seoul [South Korea], December 3 (ANI): Coupang Inc is unlikely to face significant customer churn despite a major data breach affecting more than 33 million users, according to a report by Pulse, the English service of Maeil Business News Korea.
JP Morgan, in a research note cited by Reuters, stated, “We expect potential customer losses to be limited due to Coupang’s unrivalled market positioning and Korean customers being seemingly less sensitive to data breach issues.” The note added that the e-commerce giant may still incur “sizable one-off losses,” including possible voluntary compensation packages and government-imposed penalties, which could weigh on investor sentiment in the near term.
Coupang shares closed down 5.3 per cent at $26.65 on the New York Stock Exchange on Tuesday, after intraday losses exceeded 7 per cent. On November 29, Coupang confirmed that names, emails, phone numbers, addresses, and certain order details of 33.7 million customers were exposed.
During a cabinet meeting, President Lee Jae-myung expressed “deep concern” over the breach and urged ministries to consider measures such as heavier fines and punitive damages, referencing overseas regulatory frameworks. Domestic estimates suggest penalties could reach up to 1 trillion won ($680 million). (ANI)
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