In July, 2023, the People’s Bank of China (“PBOC”) issued the Measures for Management of Data Security in the Business Areas of the PBOC (Draft for Public Comments) (“Draft Measures”) and Drafting Notes.
In this article, we highlight the key provisions of the Draft Measures and set out our observations.
BACKGROUND
The financial industry, as one of the pillars of the national economy, is engaged in a large amount of data and complex data processing activities. The Draft Measure is the first specialized regulation on data security in the financial industry and is intended to guide data processors in PBOC business area to ensure they comply with their data security obligations.
I. Bridging the gap between upper law
The Draft Measures implement the data classification and grading requirements set by the Data Security Law and the Opinions of the Central Committee of the Communist Party of China on Constructing a Data Base System to Better Utilize the Role of Data Elements. The Draft Measures propose corresponding data protection measures for different categories, levels and grading of data. Please see below for further details.
The Draft Measures repeat the requirements…
