By Armstrong Chen and Shen Di King & Wood Mallesons’ Dispute Resolution group
The National Security Law, effective as of July 1, 2015, states that “(the State shall) enhance network and information security protection capabilities, strengthen innovative research, development and application of network and information technology, achieve safe and controllable network and core information technology, critical infrastructures and information systems and data in key areas”. Article 31 of the Cyber Security Law of the People’s Republic of China, effective as of June 1, 2017, stipulates that “the State shall, based on the classified protection system for cyber security, focus on protecting both the key information infrastructure used for public communications and information service, energy, transport, water conservancy, finance, public services, e-government affairs and other important industries and fields and other key information infrastructure that will result in serious damage to the national security, national economy and people’s livelihood and public interests if they are destroyed, there are lost functions or they are subject to data leakage”. These provisions pose new challenges to financial institutions in their protection of personal information.
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