China has drafted a plan to protect its cyber-security. The country’s Ministry of Industry and Information Technology (MIIT) announced on Monday that it would be working with the National Intelligence Law Commission in order to draft new regulations for companies active within China’s internet space, as well as enterprises operating abroad but still connected back into digital infrastructure located inside Chinese borders.
China is drafting plans to strengthen protections against cybersecurity breaches after an attack this year at state oil company Petrochina resulted in losses exceeding $2 billion USD. On Monday morning, MIIT released guidelines warning industry players about requirements imposed by national intelligence laws which could impact their operations — including any relevant data collection or storage policies they have implemented previously “whether domestically or overseas.”
China’s Ministry of Industry and knowledge Technology said on Monday it’s issued a draft three-year action decide to develop the country’s cyber-security industry, estimating the world could also be worth quite 250 billion yuan ($38.6 billion) by 2023.
A draft was proposed over the weekend by China’s Cyberspace Administration, which called for all data-rich tech companies with more than 1 million users to undergo security reviews before listing overseas.
The Cyberspace Administration of China is in the process of drafting new regulations that would require any company with over a million users to undergo rigorous security reviews before they can list overseas. The move comes as fears continue to rise around data breaches and hacking, which have become commonplace during recent years.
The draft rules were made public this weekend at an annual conference for enterprise information technology managers (CIOs), where attendees discussed their concerns about cybersecurity while ironically being surrounded by dozens of vendors who offered products promising greater protections against hackers.
