Apple (News - Alert) has some good news and some bad news this morning. The bad news is that the company’s South Korean unit has been fined by that country’s communications agency for collecting data from iPhone (News - Alert) and iPad users without the correct authorization. The good news is that fine is for about $2,855.

Chances are good that Apple headquarters’ morning bagel and muffin order dwarfs that amount.

Analysts say, however, that while the fine is small, it’s symbolic: while the company has been accused by many of improperly collecting personal data from iPhone and iPad users, this is the first time the company has been officially sanctioned for it. It also means that the company is not out of hot water over the practice in other countries, including the U.S.

Back in April, it was revealed that Apple’s iPhones collected location data and stored it for up to a year – even when location software was supposedly turned off, reports Reuters (News - Alert) today.

Apple quickly moved to create and issue a patch to fix the problem, and issued a statement meant to calm fears.

“Apple is not tracking the location of your iPhone. Apple has never done so and has no plans to ever do so,” said Steve Park, a spokesman for Apple Korea, at the time. But privacy regulators across the world quickly jumped on the issue.

Some 27,800 South Korean iPhone and iPad users are planning to launch a class action suit against Apple over the matter, while two separate U.S. groups have sued Apple, alleging that certain software applications were passing personal user information to third-party advertisers without consent, reported Reuters.

The Korea Communications Commission (KCC) ordered corrective measures on the South Korean operations of Apple and Google (News - Alert) Inc., saying it has found loopholes in systems supposed to protect location information. It ordered the technology giants to encrypt location data stored in smartphones.

The KCC is saying that Apple Korea got off lightly: in theory, Apple could have had its South Korean business suspended or been fined millions of dollars instead of the small fine that was ultimately handed down.

Other players in the smartphone and tablet market are paying attention to the ruling. Google, which has also been accused of improper data collection, said that location-sharing on its Android (News - Alert) mobile platform was strictly opt-in.

“We are currently reviewing the KCC’s decision,” said Google Korea in a statement. “We have been cooperating closely with the KCC to answer their questions, and look forward to continuing to work with them in the future.”

Though...one has to wonder if the prospect of such a ridiculously low fine will deter any technology company, considering how much money can be made from data collection practices.

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