Current location:style >>
Draft rules to improve data security released
style3454People have gathered around
IntroductionThe People's Bank of China. [Photo/VCG]China's central bank released draft rules on Monday to streng ...
The People's Bank of China. [Photo/VCG]
China's central bank released draft rules on Monday to strengthen data security management in the financial sector, a necessary move that experts said will help complete the country's financial safety net as data security emerges as a rising priority.
The People's Bank of China, the nation's central bank, said the new rules are aimed at getting financial institutions to fulfill their obligation of data protection and guiding them to process the data generated or collected via their business activities, which are regulated by the PBOC, in compliance with laws and regulations.
Activities of financial institutions that occur within the borders in areas such as interbank market trading, payment and clearing, and anti-money laundering will be subject to the draft rules, no matter whether the institutions are domestic or foreign-funded.
The draft rules, soliciting public opinions through Aug 24, require financial institutions to establish and improve their data classification system and implement data protection that is differentiated accordingly and covers all data processing activities.
Accountability procedures for non-compliant data processing should be strengthened, the rules said, and security risk monitoring and alert mechanisms for data processing should be established.
"Overall, the new rules have solidified the foundation for financial security and stability in a way that suits the accelerated development of financial digitalization," said Yang Haiping, a researcher at the Central University of Finance and Economics' Institute of Securities and Futures.
Yang said the rules will help fend off the risk of cyberattacks in the financial industry, avoid the abuse of data in innovative financial services and strengthen consumer rights protection by putting into place the requirements of relevant laws and regulations.
The central bank said the new rules are fully in line with the Data Security Law, which came into force in 2021 and requires authorities in sectors such as finance, telecommunications and transportation to shoulder the duty of data security regulation in their corresponding industries.
The new rules have specified the bottom line requirements for data security compliance of activities regulated by the central bank and therefore, filled the administrative vacuum in this respect, it said.
Cross-border data security in the financial sector is also stressed by the new rules. Data collected within the country, if required by laws and regulations, will be stored domestically, and financial institutions shall not provide their data, stored domestically, to international organizations and foreign financial authorities without the approval of the central bank and other relevant regulators.
Yang said the requirements regarding cross-border data security are in line with international practices and will help ensure China's national security by preventing foreign financial attacks.
Dong Ximiao, chief researcher at Merchants Union Consumer Finance Co, said: "The rollout of the rules is timely and necessary. The financial industry is a data-intensive sector, and data is crucial for financial development, innovation and security."
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Worldly Web news portal”。http://paracelislands.montreal-intl.com/news-91b599895.html
Related articles
Activists in Bangladesh march through universities to demand end to Israel
styleDHAKA, Bangladesh (AP) — Thousands of activists in Bangladesh backed by the ruling party’s student w ...
【style】
Read moreA naturally elevating trip
styleGuizhou's stunning landscapes, and lack of crowds, make it a perfect place to lift the spirits.T ...
【style】
Read moreBeijing speeds up to build international tech innovation hub
styleThis photo taken on April 25, 2024 shows a scene at the release of scientific and technological achi ...
【style】
Read more
Popular articles
- Pamela Anderson goes make
- Yunlong Lake Scenic Area in Xuzhou
- Flights to Dubai disrupted as rain hits the UAE 2 weeks after its heaviest recorded rainfall ever
- Coach sees challenges for women's basketball team at Paris 2024
- Top clubs urge Brazil's soccer federation to suspend league matches because of flooding
- Dallas' Noltemy is named Los Angeles Philharmonic president
Latest articles
Netanyahu uses Holocaust ceremony to brush off international pressure against Gaza offensive
Heze peony forum cultivates participants' understanding of China's national flower
China issues orange alert for severe convective weather
Holiday trips ride high on cultural quests
Guardians place AL
EU announces 1 billion euros in aid for Lebanon amid a surge in irregular migration
LINKS
- EDITORIAL: Japan makes security policy switch without public discourse
- Ruby Franke: Parenting advice YouTuber given maximum sentence for child abuse
- Hurricanes haka: A brief history of protests in sport
- Wellington water: Funding problems creating 'extreme residual risks'
- Fire at industrial building in Ōtaki
- EDITORIAL: Japan makes security policy switch without public discourse
- Chocolate: Cocoa price hits record high as El Niño hurts crops
- Call for schools soft drink ban renewed after government implements cellphone ban
- Community housing developments stall as government funding not guaranteed
- Man arrested after teen targeted, run over multiple times