Cybersecurity Law of China has Data Protection Fangs

What you need to know: China has a more stringent Cybersecurity Law, which will protect the country against security risks on the Internet and online fraud. The law imposes obligations on network operators, introduces restrictions on important cybersecurity and network products, and restricts data transfer outside of China through significant information infrastructure operators.

Why it is important: This move will affect the multinational financial institutions because companies can no longer shift data of Chinese citizens overseas. Furthermore, they need more IT personnel to submit network reports to the regulators.

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