On November 7th, 2016, China passed the Cyber Security Law (the “Cyber Security Law”) of the People’s Republic of China (“PRC” or “China”) after three readings of its drafts. The new law is to take effect as from June 1st, 2017. Being the first legislation in the cyber security field, the Cyber Security Law may have profound impacts far beyond expectations. For this reason, an in-depth study of the Cyber Security Law along with the relevant authorities’ further interpretations and practice would be necessary.
The Cyber Security Law widely applies to the construction, operation, maintenance and usage of networks within the territory of China. It lays down specific regulatory requirements on the network operation and information security that network operators should abide by. Notably, the Cyber Security Law introduces the concept of “Critical Information Infrastructure (CII)”, makes specific references to the sector of the financial services under the definition of the CII, and imposes a higher level of cyber security protection obligations on the CII operators.
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