China Proposes Strict Cybersecurity Rules for Banks, Insurers

China’s top financial regulator has proposed sweeping cybersecurity rules for the banking and insurance sectors, which would make top executives accountable for severe network outages and data breaches.

The National Financial Regulatory Administration (NFRA) draft rules categorize cyber incidents into four tiers based on severity. For “extremely serious” breaches — such as major data leaks or multi-province outages lasting three hours or more — institutions would be required to take immediate remedial action, notify users and report to regulators every two hours until the issue is resolved.