South Korea understands identity theft

The South Korean government understands how to deal with identity theft. Instead of pushing it onto the consumers, which is the American government’s approach to this issue, they are now holding financial institutions responsible for the loss to consumers even if they are not directly connected to the loss itself.
Why is this good? Businesses usually will not implement protective measures unless forced to do so. In this regard, it will help protect the businesses from future identity theft along with consumer protection.
Brilliant.
Via BruceSchneier