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CBRC looking to revive cyber security rules for banks

CBRC looking to revive cyber security rules for banks

(31 August 2015 – China) International technology companies could face more difficulty selling products to Chinese banks following a report the Chinese government is looking to go ahead with controversial cyber security rules.

In an article by Reuters, it was reported the China Banking Regulatory Commission (CBRC) sought a number of technology companies including IBM, Cisco and Microsoft in early August to inform them and seek submissions over the proposed bank procurement rules.

The rules limit the amount of technology that Chinese banks can buy from overseas vendors.

The original regulations, released back in January 2015, required international tech firms to release secret source code and agree to audits before they could sell software to Chinese banks.

At the time the rules were met with stiff opposition, particularly by the United States which accused China of protectionism.

While international technology vendors sell millions worth of software and hardware to China’s state banks, this has fallen in recent months, Reuters said.

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