SK Telecom CEO Ryu Young-sang has estimated that his company will suffer seven trillion won in damages over three years due to the recent hacking incident that compromised the carrier’s subscriber information. That’s about five billion U.S. dollars. 

During a hearing of the National Assembly’s Science, ICT, Broadcasting and Communications Committee on Thursday, Ryu said he believes that the company may lose up to five million subscribers per month, in which case the company will face losses of more than seven trillion won over the next three years when taking into account cancellation penalties and sales. 

Ryu said roughly 250-thousand subscribers have switched to other carriers, adding that figure is expected to grow tenfold to over two-and-a-half million. 

He said the cancellation penalty is expected to be on average at least 100-thousand won, or around 71 dollars, per person. 

This means that the nation’s largest mobile carrier will have to spend some 250 billion won, or over 178 million dollars, on cancellation penalties alone.