Platform to safeguard cybersecurity in China's financial sector takes shape

BEIJING - China's financial sector has preliminarily established a platform for cybersecurity situation sensing and information sharing, according to the country's central bank.

The People's Bank of China (PBOC) convened a meeting to demonstrate the platform earlier this month. The platform is expected to bring 408 institutions together to fight cybersecurity threats.

Organized by the PBOC, the construction of the platform has been undertaken by the Industrial and Commercial Bank of China (ICBC) in collaboration with the China Construction Bank and other financial institutions.

It is important cybersecurity infrastructure for the financial sector, and more efforts will be made to improve the quality of data submissions from financial institutions, attract more enterprises to participate, and boost the sharing of information and services by those in or out of the sector to address cybersecurity threats, said Fan Yifei, deputy governor of the PBOC.