Security & Fraud

Alibaba And Tencent Back China Cybersecurity Law

China’s recently launched cybersecurity law is getting the support of Alibaba and Tencent Holdings.

According to a report by Fortune, Alibaba and Tencent said during the World Internet Conference in China that there needs to be closer cooperation between the private and public sectors in China. The new law, which puts broad restrictions on technology companies in China, is aimed at removing cybersecurity threats from industries it deems critical and at fighting terrorism, reported Fortune. Business and technology groups outside of China argue the rules unfairly single them out, with surveillance requirements that data be stored locally. Because Alibaba and Tencent run websites that are used by many local users, they can back the rules without feeling the impact.

“This marks a step forward for China. We are asking professionals to learn from these regulations,” Yang Peng, director of Tencent’s executive committee for information security, said at the conference, according to Fortune. Meanwhile, Yu Weimin, vice president at Alibaba, said the company has 3,000 employees focused on security, and it is “working with law enforcement” to reduce some content. “With all this technology, together, we can win the war on terrorism.”

According to Fortune, China started focusing more on cybersecurity earlier this year after the Central Bank of Bangladesh was compromised, with hackers stealing $81 million via SWIFT. Both Alibaba and Tencent have digital payment businesses, so protecting from cyberattacks is of interest to the two. “Big internet companies are the ones with the means to fight cyberterrorism, which is why we need more cooperation between the private and public sector,” Alibaba’s Yu said, according to the report.

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