BEIJING, June 13 – China’s cybersecurity administrators on Saturday moved to tighten the grading and classification of data in the financial information services sector in what it said would strengthen data security management and regulate industry development. • The Cyberspace Administration of China said data would be classified into four levels-core, important, sensitive general and […]
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China issues guidelines on financial services data amid broader cybersecurity push
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BEIJING, June 13 – China’s cybersecurity administrators on Saturday moved to tighten the grading and classification of data in the financial information services sector in what it said would strengthen data security management and regulate industry development.
• The Cyberspace Administration of China said data would be classified into four levels-core, important, sensitive general and routine general-based on importance, sensitivity and the potential harm from leaks.
• The move was announced jointly with six other departments, including the People’s Bank of China.
• China has in recent years strengthened its data security framework, moving from top-level legislation to more detailed, sector-specific rules.
• “Financial information services are developing in an orderly manner, and the volume of data is expanding … which urgently requires standardised, classified and graded management,” the guidelines said.
• The rules do not apply to data involving state secrets or military information.
(Reporting by Beijing newsroom; writing by Greg Torode in Hong Kong, Editing by Louise Heavens)