Beijing orders banks, insurers to review cyber security

The National Financial Regulatory Administration asked banks and insurers to fix any identified loopholes to guard against the risk of ransomware attacks by mid-January. — Reuters

Beijing: China’s financial regulator told its banks and insurers to thoroughly review cyber and data security across all their businesses, underscoring the government’s increased focus on national security and data integrity.

In a directive sent at the end of last year, The National Financial Regulatory Administration (NFRA) asked banks and insurers to fix any identified loopholes to guard against the risk of ransomware attacks by mid-January, according to people familiar with the matter.