The three credit card companies involved in the latest data-leak scandal may have to pay over 170 billion won ($157 million) to customers involved in compensation suits, putting aside the additional expenses of reissuing cards and reinforcing their security systems.

According to a regulatory report submitted to the Financial Supervisory Service, KB Kookmin Card estimated that the total compensation amount may be as high as 86 billion won, assuming that 1 percent of the 43 million victims will participate in actual lawsuits.

The individual compensation amount was deducted from a local court ruling which ordered SK Communications last year to pay 200,000 won to each user whose personal information had been leaked.

Based on this formula, NH NongHyup Card and Lotte Card may face a total damage compensation of 35 billion won and 50 billion won respectively, resulting in the three-party sum of 171 billion won.

Card companies and financial authorities, however, remain skeptical over this worst-case scenario, saying that the court is not likely to actively recognize the actual financial damages for the plaintiffs.

But the real blow for the negligent card companies is not the implausible compensation amount but rather the additional costs required to reissue millions of cards and to realign their security systems.

KB Kookmin Card estimated a total of 11.5 billion won for reissuing some 2.5 million cards, 8.7 billion won for giving out notices to the affected clients, and 700 million won for maintaining extended work hours during the emergency duty period, according to its report.

Also, all three card companies are facing a three-month suspension, starting on Feb. 17, during which they will be banned from most of their profit-making activities, including signing on new customers or issuing new loans.

By Bae Hyun-jung (tellme@heraldcorp.com)