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On July 3, the Peoples Bank of China and two other departments released a notice soliciting public opinions on the "Draft Measures for the Administration of Cybersecurity in the Financial Industry." Financial institutions should, in accordance with the requirements of the national cybersecurity classification and protection system, reasonably determine the security protection level of their networks, fulfill their classification and filing obligations, conduct cybersecurity level assessments on a regular basis, and promptly rectify any risks identified in the assessments. Financial institutions should, in accordance with laws, administrative regulations, and relevant provisions of the national and State Council financial management departments, regulate their personal information processing activities and ensure the security of personal information. Financial institutions are encouraged to use the national network identity authentication public service to conduct user identity verification.On July 3, the Peoples Bank of China and two other departments released a notice soliciting public opinions on the "Draft Measures for the Administration of Cybersecurity in the Financial Industry." The draft aims to prevent cybersecurity risks from evolving into financial risks. In the process of digital transformation of finance, financial services are increasingly reliant on networks, and financial networks are interconnected and closely intertwined. The high complexity of network operation and maintenance, the wide scope of supply chain security, the frequent occurrence of organized high-intensity cyberattacks, and the close integration of emerging technologies with business applications all contribute to the potential threats to financial stability and security. The formulation of the "Measures" broadly clarifies the bottom line for cybersecurity compliance in the financial industry and the legal responsibilities for crossing that line. This is a necessary measure by the State Councils financial regulatory departments to ensure the continued stable operation of the financial system and help prevent cybersecurity risks from evolving into financial risks.On July 3, the Peoples Bank of China and two other departments issued a notice soliciting public opinions on the "Draft Measures for the Administration of Cybersecurity in the Financial Industry." The draft aims to improve the cross-departmental comprehensive regulatory mechanism for cybersecurity in the financial industry. The Cybersecurity Law emphasizes that the state provides key protection for important industries and sectors such as finance, and the Protection Regulations clarify that key information infrastructure in important industries and sectors such as finance will be subject to key protection. The Central Committee of the Communist Party of China and the State Council require the establishment and improvement of cross-departmental comprehensive regulatory systems for regulatory matters involving multiple departments, posing significant management difficulties, and highlighting prominent risks. The joint issuance of this cross-departmental comprehensive regulatory system for cybersecurity in the financial industry by the State Councils financial management departments is consistent with national cybersecurity laws and regulations, universally applicable to the financial industry, and highly efficient in supervision and management. It also aligns with existing and future cybersecurity management systems issued by the State Councils financial management departments. This is a long-term measure to improve the management system in the field of financial cybersecurity and strengthen collaborative supervision of cybersecurity in the financial industry.The Security Service of Ukraine: Ukraine attacked a Russian airbase in Crimea, destroying or damaging at least seven warplanes.Sources say Kazakhstans oil and gas production rose to 2.16 million barrels per day in June, up from 2.12 million barrels per day in May.
