China’s new cyber security law, which execution will start from toady onwards, supposed to protect online user’s information by prohibiting internet abuse. This new law will also make sure that the multinationals and the organizations also adopt a comprehensive security assessment strategy to remove any chance of security vulnerabilities in future. Now it’s the obligation of all business organizations to keep their vital personal information and valuable business data within their business territory. As per the Chinese officials, the new cyber security rules will help guard against cyber-attacks and avert terrorism.
This law will have a significant impact on how businesses are carried out in China. According to European Union Chamber of Commerce in China. “There’s, unfortunately, a lot of confusion. The Industry is not ready because the execution rules are not clear. We still have a lot of unclarified territories that needs to be addressed as soon as possible”. This law requires that any registered company should have to store their data within China. There will be new security checks on financial and communication sector. For any individual user, it is required to register with their real name while using the messaging service.
The country’s cyber security regulation authority “Cybercrime administration of China” has decided to implement new safety rules across the board with full conviction. The new regulation has also tried to reinforce data scrutiny and storing for firms operational in the country. Article 37 of the cyber security law specified that “Residents’ info and vital business data collected and formed by critical information infrastructure operators during their actions within the land of the People’s Republic of China, shall be kept within the terrain.”
A Reuters report signifies that overseas business corporations and financial groups are requesting from Chinese cyber crime regularity authorities to make some delay in the implementation of new cyber security laws. As per the companies, new cyber regulations and laws will inevitably affect their business operations, and they required some time to think about their future business strategy.
Until now, China hasn’t had any inclusive cyber security policy/framework in place to remove the chance of any cyber-attack on the economy.
It takes almost years for Chinese authorities to build a security structure which not only streamlines the use of the internet but as well as restrain potential intruders from making any drastic impact on the economy. New cyber security law might be a threat for foreign technology companies in China, but it will surely help authorities to diminish any likelihood of severe cyber-attack.