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NewsFebruary 10, 2023Cybercrime has become the third-largest economy in the world
According to the World Economic Forum (WEF), cybercrime has become the world’s third-largest economy after the US and China. According to the study, it is projected to cost globally $8 trillion in 2023 and $10.5 trillion by 2025. Read more
ResourcesJuly 21, 2022Chinese CAC fines Didi with USD 1.2bn
Aljazeera reports that the Cyberspace Administration of China (CAC) has fined Didi with about USD 1.2bn for “egregious” violations of data security rules, since it found that it had illegally collected customer information since 2015 and handled data in a way that endangered national security. Among the breaches sanctioned by CAC are illegal storage of...
NewsJuly 8, 2022China premier urges on stronger cybersecurity after an alleged leak affecting 1 billion Chinese residents
The China premier Li Keqiang urges the government to “defend information security” after what could be the largest ever data leak for China. Read more on the South China Morning Post here.
Data protection really became a hard thing for international financial firms operating in Asia, China in particular. Read the article to learn how they may reduce the difficulties
According to a hacker claim, 1 billion data of Chinese citizens are now for sale on the dark web. If confirmed, this may be the most significant data breach in Chinese history so far. Read more on the OCCRP website.
Bloomberg reports that China modified a decade-long rule that restricted offshore-listed firms’ financial data sharing practice, potentially removing a key hurdle for U.S. regulators to gain full access to auditing reports of the majority of the 200-plus Chinese companies listed in New York. Continue reading the Bloomberg article here.
On 1 March 2022, new Chinese rules on prohibition of discrimination through algorithms come into effect. Since August 2022, China’s cyberspace regulator, the Cyberspace Administration of China (CAC), had disseminated draft guidelines that sought to regulate the use of algorithmic systems by internet information services. As per these rules companies will be forbidden to offer...
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