China updates on cybersecurity

China unveils new plans for industrial cybersecurity and other important cybersecurity news worth knowing.

1. China plans to strengthen industrial cybersecurity

China's Ministry of Industry and Information Technology announced a plan in February to improve data security in the country's industrial sector. The plans aim to effectively eliminate "major risks" by the end of 2026.

Read more: Cybersecurity needs to improve, experts say

The preventive actions include emergency exercises simulating ransomware and data security training. These actions will be implemented in more than 45,000 companies in the industrial sector.

“To effectively address frequently problematic scenarios, such as ransomware attacks, backdoor vulnerabilities, uncontrolled actions by staff, and remote operation and maintenance, we will enhance self-assessment and automatic remediation of risks, while carefully implementing management and protection,” according to Reuters.

2. The Reserve Bank of New Zealand is introducing new provisions for cyber reporting.

The Reserve Bank of New Zealand (RBNZ) has said banks will have to report significant cybersecurity incidents within 72 hours. This is part of wider plans to introduce new cybersecurity reporting requirements by 2024.

Accurate and timely reporting is crucial, Kate Le Quesne, RBNZ’s director of prudential policy, said in a statement. The bank has worked closely with the country’s financial markets regulator to establish common reporting standards.

“We received useful feedback on ways to simplify and coordinate our collaboration with other agencies,” said Ms. Le Quesne. Under the rules, large banks will have to report all cyber incidents every six months and others annually.

Last year, New Zealand introduced a new service to strengthen its cybersecurity in the face of a rise in cyberattacks.

3. Top cybersecurity stories this month

Microsoft announced that its cybersecurity tool, which is powered by artificial intelligence, will be available on a pay-as-you-go model starting April 1.

US President Joe Biden announced plans in late February to improve cybersecurity at US ports by creating an enhanced role for the Coast Guard. At the same time, the US federal government is warning state governors that foreign hackers are targeting water and sewage systems across the country.

The federal police in Canada reported a "disturbing" cyberattack towards the end of February, but said that businesses were not affected and there was no security threat.

Microsoft says it continues to face cyberattacks on its systems from Midnight Blizzard, including attempts to access source code repositories and internal systems. The tech giant says there is no evidence of any system hosted by Microsoft being compromised.

UnitedHealth Group, a major U.S. health insurer, announced that it has paid out more than $2 billion to support healthcare providers affected by the cyberattack that occurred last month at Change Healthcare, a subsidiary of the company.

4. More about cybersecurity on the Agenda

Ransomware attacks are set to increase in 2023. Scott Sayce, Global Head of Cybersecurity at Allianz Commercial, looks at the trends expected to drive cyberattacks and ransomware this year, including artificial intelligence and skills shortages.

See also: UK 2023: Most businesses experienced at least one cybersecurity incident

Artificial intelligence has a significant impact on cybersecurity, and developments continue. However, AI is not only a threat, but can also enhance cybersecurity, as Giulia Moschetta and Joanna Bouckaert of the World Economic Forum report.

The global cybersecurity worker shortage has reached 4 million. According to Alexander Riabov, Senior Communications Advisor at DAI Digital Frontiers, we need to get creative to address this problem, including training from the best models.

Source: europeansting