How China plans to protect financial information services from hackers
What's the story
China's Cyberspace Administration has announced a new set of guidelines to strengthen data security management in the financial information services sector. The move comes as part of China's larger effort to bolster its cybersecurity framework. The new rules classify data into four categories: core, important, sensitive general and routine general. This is based on their importance, sensitivity and potential harm from leaks.
Regulatory impact
Guidelines not applicable to state secrets, military information
The new guidelines were announced in collaboration with six other departments, including the People's Bank of China. The Cyberspace Administration said that "financial information services are developing in an orderly manner, and the volume of data is expanding. This urgently requires standardized, classified and graded management." The rules are not applicable to data involving state secrets or military information.