On May 2 2018 the People's Bank of China (PBC) released its Circular on Further Intensifying the Management of Credit Information Security.(1)
According to the circular, the PBC will intensify its management of credit information security by:
- practically raising awareness around the management of such information and strengthening information subjects' responsibilities in this regard;
- optimising operational and control procedures for credit-related businesses and constantly enhancing the security of credit information;
- identifying shortcomings and improving internal control and accountability systems for credit information;
- improving technical and safeguarding competence to prevent the leakage of credit information;
- establishing a response mechanism for breaches of credit information;
- establishing an annual grading system for credit compliance and information security;
- establishing an inspection system for credit information security; and
- strengthening existing credit regulations and supervision in this regard.
The circular's appendices include specific measures for points six and seven above. The assessment and rating results of the main aspects of credit compliance and information security (ie, the establishment of an internal control system, personnel and user management, compliance, information security and technical support, and the implementation of a credit-related information management system) have been classified into four levels (Levels A to D). The corresponding regulatory and supervision measures will be imposed according to these levels.
The security inspection measures in the relevant appendix provide further details on such inspections, including the subject matter and the specific procedures that must be followed.
For further information on this topic please contact Samuel Yang at AnJie Law Firm by telephone (+86 10 8567 5988) or email (firstname.lastname@example.org). The AnJie Law Firm website can be accessed at www.anjielaw.com.?
(1) Further information is available here.
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