Key facts
- China's Cyberspace Administration has issued new guidelines for data classification in the financial information services sector.
- Data will be categorized into four levels: core, important, sensitive general, and routine general.
- The classification system is based on the data's importance, sensitivity, and the potential harm if leaked.
- The initiative aims to enhance data security management and standardize industry development.
- The guidelines were released in conjunction with six other government departments, including the People's Bank of China.
China's Cyberspace Administration has introduced new guidelines to classify data within the financial information services sector, a move aimed at bolstering data security and regulating industry growth. The new framework categorizes data into four tiers: core, important, sensitive general, and routine general, based on its significance, sensitivity, and the potential repercussions of a data breach.
This initiative, announced in conjunction with six other government departments including the People's Bank of China, is part of China's broader effort to strengthen its data security framework. The guidelines emphasize the need for standardized, classified, and graded management as the volume of data in financial services expands.
The rules specifically exclude data related to state secrets or military information. This move follows recent years where China has been enhancing its data security legislation, transitioning from high-level laws to more detailed, sector-specific regulations.