Financial Institutions: How Far Are You From The Cyber Security Law?

This article was written by Lou Xianying (Cecilia) (partner), Fu Guangrui (Mark) (managing associate), Gong Wenyi (assistant associate), Liang Yixuan (assistant associate) and Chen Yun (Robert) (partner).

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.