Cybersecurity
China Orders Banks, Insurers to Review Cyber and Data Security
- Broad directive comes after November ransomware attack on ICBC
- China has stepped up control of data to safeguard security
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China’s financial regulator told its banks and insurers to thoroughly review cyber and data security across all their businesses, underscoring the government’s increased focus on national security and data integrity.
In a directive sent at the end of last year, The National Financial Regulatory Administration asked banks and insurers to fix any identified loopholes to guard against the risk of ransomware attacks by mid-January, according to people familiar with the matter. Banks were urged to reinforce the secure usage of emails and protect against phishing, said the people, asking not to be identified discussing a private matter.