Government Regulation, Legislation and Enforcement Updates

by Jim Bulling and Julia Baldi

China Introduces new Cybersecurity Laws
China introduced new cybersecurity laws, which require both local and foreign banks and financial institutions with Chinese clients (including Australian financial institutions) to use IT equipment deemed “secure and controllable” by Beijing. The breadth of the laws has upset foreign financial institutions given the potential cost of compliance if foreign entities must implement IT equipment systems in accordance with Chinese directives.

See the Financial Times report here.

Cyber Threat Intelligence Integration Center (CTIIC)
The U.S. Government has created a centralised cybersecurity agency, the Cyber Threat Intelligence Integration Center (CTIIC), which will be responsible for analysing and coordinating responses to cyber threats. This is a significant move from the United States who have previous had multiple agencies dealing with cyber threats.

See the White House Press Release and Fact Sheet on the CTIIC.

White House Summit
White House holds summit on cybersecurity and consumer protection.

See the recorded stream of the event and summary of the U.S. Government’s cyber security priorities here.