China issues new financial data rules in major cybersecurity push

China has issued new financial data service rules in a pursuit to strengthen data security management, regulate industry development and expand cybersecurity push. These guidelines issued on Saturday will help classifying, protecting and grading financial information service data and all the service providers working within China would be obliged to follow these rules in compliance with national data security law, as stated by the Cyberspace Administration of China, the People’s Bank of China and four other regulators in a joint statement. According to the Cyberspace Administration of China, the data would be classified into four-tiers: Important, sensitive general and routine…