Banking On Technology: What Are The Risks?

Baker & McKenzie

Banks and other financial institutions have been more concerned about computer network security issues than some industry sectors that have embraced automation more fully. Consequently, several legal commentators were a little surprised that the new Provisions Relevant to the Implementation of the Circular (the Circular)¹ issued by the People's Bank of China (PBOC) on April 23 2002 failed to provide specific standards for network security.