07-13-2021 , 07:09 AM
https://news.softpedia.com/news/china-an...3500.shtml
China Announces New Cybersecurity Regulations
As a result of recent cyber security breaches, the Chinese government will issue stronger cyber defense regulations
Jul 12, 2021 18:08 GMT · By George Dascalu ·
A three-year action plan to expand China's cyber-security sector was unveiled on Monday by the country's technology ministry, according to Reuters. The country's Technology Ministry estimates the project would need more than $38 billion and should be fully implemented by 2023.
The Ministry of Industry and Information Technology is releasing new strategies at a time when Beijing is tightening its control on the country's technology industry. Two of the new sets of regulations, the Data Security Law and the Personal Information Protection Law, that cover data storage and personal information protection, are scheduled to take effect this year.
Following the investigation into a security breach that happened at the ride hailing company Didi Global, Chinese authorities have decided to impose further rules to protect the public. The company is still under scrutiny and the investigators pointed out that new customers would not be permitted to register during the study.
Cybersecurity incidents compel China's government to issue better cyber defense regulations
The investigation came after the company's first public offering, or IPO, on the New York Stock Exchange on June 30, and with a market capitalization estimated at $68 billion. Didi's app was ordered to be removed from all domestic mobile application stores as a consequence of this decision by the Chinese Cyberspace Administration. Didi Global's stock price has plunged 20% as a result of the fallout.
The agency is basing the decision on what it says are national information security concerns raised by the companies. The Chinese government also ordered Full Truck Alliance, an Uber-like trucking startup, and Kanzhun, a mobile app that connects people looking for jobs and hiring companies, to suspend user signups and undergo a security review. Coincidence or not, this happened shortly after both companies had just gone public on the American stock markets.
China Announces New Cybersecurity Regulations
As a result of recent cyber security breaches, the Chinese government will issue stronger cyber defense regulations
Jul 12, 2021 18:08 GMT · By George Dascalu ·
A three-year action plan to expand China's cyber-security sector was unveiled on Monday by the country's technology ministry, according to Reuters. The country's Technology Ministry estimates the project would need more than $38 billion and should be fully implemented by 2023.
The Ministry of Industry and Information Technology is releasing new strategies at a time when Beijing is tightening its control on the country's technology industry. Two of the new sets of regulations, the Data Security Law and the Personal Information Protection Law, that cover data storage and personal information protection, are scheduled to take effect this year.
Following the investigation into a security breach that happened at the ride hailing company Didi Global, Chinese authorities have decided to impose further rules to protect the public. The company is still under scrutiny and the investigators pointed out that new customers would not be permitted to register during the study.
Cybersecurity incidents compel China's government to issue better cyber defense regulations
The investigation came after the company's first public offering, or IPO, on the New York Stock Exchange on June 30, and with a market capitalization estimated at $68 billion. Didi's app was ordered to be removed from all domestic mobile application stores as a consequence of this decision by the Chinese Cyberspace Administration. Didi Global's stock price has plunged 20% as a result of the fallout.
The agency is basing the decision on what it says are national information security concerns raised by the companies. The Chinese government also ordered Full Truck Alliance, an Uber-like trucking startup, and Kanzhun, a mobile app that connects people looking for jobs and hiring companies, to suspend user signups and undergo a security review. Coincidence or not, this happened shortly after both companies had just gone public on the American stock markets.