Cybersecurity law of the People’s Republic of China as a key instrument for ensuring information security of the banking and finance system

Abstract

The object of this research is the legal relations that emerge in ensuring informations security of the banking and finance system of the People’s Republic of China. The work characterizes China’s cybersecurity law, which was enacted in 2017. The author determines the key positions of this statutory act that establishes the foundation for national institutional and normative-legislative mechanism of ensuring information security of the banking and finance sectors as objects of critical information infrastructure. China’s cybersecurity law represents a fundamental piece of legislation that defines the principles, mechanisms and order of ensuring information security. It defines critical information infrastructure through nomenclature of the sectors and indication of criteria for designation of one or another sector as critical information infrastructure. The banking and finance sector meets such criteria, thus ensuring its information security is based on the general positions of this legislation. The law determines the regime of protection of personal data, as well as obligations of network carriers that are included into the institutional mechanism of provision of cybersecurity. All aforementioned facts make China’s cybersecurity law a key legislative instrument of the mechanism of ensuring information security of the banking and finance system.