China Cybersecurity Law: Key Takeaways for Financial Services Firms in China

June 22, 2017

China’s Cybersecurity Law came into force on 1 June 2017, despite speculation that there would be a delay in its launch. The new law covers a wide range of activities relating to the cyberspace, including personal data protection and security, hacking, malicious software prohibition, handling of emergency network situations, and data localisation. Many of these regulations affect the operation of financial services companies in China. There are hefty penalties for breaches, including fines of up to RMB1 million (approx. US$150,000) and confiscation of monies illegally obtained for certain offences.

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