On 11 June 2021, Llinks Technology Law Expert Mr. Xun Yang was invited to participate in Lloyd's (China) 7th Legal & Compliance Round Table in 2021 and delivered a speech on the topic of Trend of Supervision and Regulation in Data and Cyber Security Area. More than ten tens of compliance professionals from insurance reinsurance companies participated in this Roundtable.
Concentrating on the features of date collection, process and transboundary transfer of data in insurance companies, Mr. Xun Yang discussed the following issues by taking into considerations of newly passed Data Security Law and the well-expected Personal Information Protection Law (draft), (1) the main risk insurance companies and reinsurance companies are facing in the data and cyber security area; and (2) key steps for compliance in relation to protections of personal information and business data, such as the design of mobile apps and commissioned process of data.
During the Roundtable, Mr. Xun Yang pointed out that, facing the rapid development of data and cyber security laws, instead of passive compliance, companies should predict the overall direction of law development, by taking reference to officially endorsed national standards, draft legislative documents, interpretation of policies and law enforcement cases, and should improve respective compliance level proactively. Moreover, considering the inherent risk of cyber, to develop and to implement policies of information security and data protection pursuant to respective laws, to fulfill the cyber security policies through education and inspections, are essential for companies to achieve better compliance.
The discussions were well-received by participants. With the development and application of informatization and digitalization technology, data has been becoming more and more important for all business sectors, including insurance and financial industries. As a result, the compliance requirements in terms of cyber security and data protections is becoming higher; the law enforcement is enhancing as well. The improvement of compliance in data and cyber security will minimize legal risk, and, meanwhile, may become a selling points for the business.
