China Looks To Increase Penalties Under Its Cybersecurity Law – Reuters

China looks to increase penalties under its cybersecurity law – Reuters

A sign above an office of the Cyberspace Administration of China (CAC) is seen in Beijing, China July 8, 2021. REUTERS/Thomas Peter
BEIJING, Sept 14 (Reuters) – China's cyberspace regulator on Wednesday proposed a series of amendments to the country's cybersecurity law including raising the size of fines for some violations, saying that it wanted to do so to improve coordination with other new laws.
The Cyberspace Administration of China (CAC) said, for example, that it wanted to introduce a penalty that would see operators of critical information infrastructure which used products or services that had not undergone security reviews be fined up to an equivalent of 5% of their previous year's revenue, or 10 times the amount they paid for the product.
It also said it wanted to raise the fines for some violations, from up to 100,000 yuan ($14,371) previously to one million yuan. The proposed amendments are open to public feedback until Sept. 29, it added.
China's 2017 cybersecurity law marked the first major set of rules governing the storage and transfer of data of Chinese origin.
The country over the past year has added laws on data security and personal information protection.
The changes have impacted how companies in China operate and especially how they handle data such as user information.
In July, the CAC said Chinese ride-hailing giant Didi Global had violated three major laws and fined it $1.2 billion. read more
($1 = 6.9585 Chinese yuan renminbi)
Our Standards: The Thomson Reuters Trust Principles.
Russian Security Council secretary Nikolai Patrushev will hold security consultations and meetings during a two-day visit to China starting Sunday, China's foreign ministry said.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source


Leave a Comment

Leave a Reply

Your email address will not be published.

Healthcare data breaches hit all-time high in 2021, impacting 45M people – FierceHealthcare

Cybersecurity for small and medium businesses: The next frontier? – The Financial Express

Phishing Dominates the Headlines, But the Real Story in Cybersecurity is Passwords and How to Better Trai – Benzinga

Killeen ISD board talks cyber security, ransom | Education | kdhnews.com – The Killeen Daily Herald