The regulation on insurers’ cyber security criticized

Several lobby groups are pressing Chinese authorities to review the draft provision regarding cyber security for insurance companies. According to the bill under study, insurers and fund managers are required in the first place to purchase software containing local coding technologies.

The American chamber of commerce and 20 other foreign firms set up a lobby which submitted written concerns to the Chinese Insurance Regulatory Commission (CIRC).
By ruling out products marketed by foreign cyber security companies, the authorities may be compromising the level of global security.

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