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China starts new cybersecurity reporting measures for financial institutions

( June 3, 2025, 05:22 GMT | Official Statement) -- MLex Summary: The People’s Bank of China has started new administrative measures requiring financial institutions to report cybersecurity incidents linked to the central bank's business areas — including currency and credit, cross-border RMB, interbank market, payment and clearing, anti-money laundering, credit reporting and credit rating. Set to go into effect on Aug. 1, the rules establish baseline criteria to classify incidents into four tiers: extraordinarily severe, severe, significant and general. They also lay out reporting requirements covering the pre-incident, incident, and post-incident phases, specify the necessary content for reports that address accountability as well as clarify associated legal liabilities.Below please find the statement: ...

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