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MioTech Insights | China's Cybersecurity Law and Personal Information Protection Law - A read

MioTech Research2021-12-31

A set of cybersecurity laws enacted in the 2nd half of 2021 sought to regulate the rapidly growing online activities in China, where online shopping is set to quadruple to Rmb 42trn (US$ 7.6trn) by 2030.

The data security law effective from July 1 intends to enhance data security practices in IT infrastructure and cross-border data to ensure national security. PIPL, or Personal Information Protection Law, effective from November 1, aims to protect personal content online, with penalties set up to 5% the company’s annual turnover or Rmb 50m and business suspension.

We examine here the cybersecurity regulations worldwide, from EU’s GDPR (General Data Protection Regulation) enacted in 2018 and the recent federal and state level cybersecurity laws from the US.

We note the current ESG sector allocations, impact of negative cybersecurity news on sectors, and cloud security firms that may benefit from the regulatory moves.

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