China’s central bank, People’s Bank of China, has issued a set of draft administrative steps on data security management to enhance the bank’s own operations.
The release of the administrative measures is a part of China’s ongoing efforts to complete its data security system as the country stiffens data usage and security amid growing geopolitical tensions and concerns regarding privacy.
China’s central bank is soliciting public opinions on the guidelines of the draft through 24 24 August 2023.
The measures are expected to guide and supervise relevant entities performing their obligation of data protection and processing the data produced or collected from the bank’s regulatory activity in compliance with laws and regulations.
People’s Bank of China will implement a system of accountability for data security as well as disciplinary actions for violations.
According to the administrative rules, the Chinese central bank’s data collected within the country, if mandated by law, will be domestically stored.
Besides, data processors are prohibited from splitting or reducing the data size to avoid official security checks when the data is exported.
Furthermore, in order to implement differentiated data protection and strengthen the accountability processes for non-compliant data processing operations, the draft measures need relevant data processors to build and enhance their data classification system.
The new rules are formulated according to China’s cybersecurity law and other laws and regulations and have clearly outlined the essential requirements for data security compliance.
People’s Bank of China deals with the requests for data linked to its regulatory activities from global institutions and overseas financial authorities.
