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Industrial Park
New Beijing cybersecurity park aims to build RMB 100 bln market in the city
CKN
2019/01/18 02:26:40
2,071
China's News, China's Financial News,cybersecurity

Jan 18, 2019 (China Knowledge) - China’s newest cybersecurity industrial park in Beijing has attracted 10 more, new, companies on board as the country increases its efforts to develop a robust domestic cybersecurity industry.

The park which was launched late last year, aims to build a cybersecurity market in Beijing worth RMB 100 billion, hoping to contribute RMB 330 billion to the country’s GDP by 2020.

 The construction for the park has commenced and leading foreign and local cybersecurity companies are expected to set up their operations there.

Demand for cybersecurity in China is increasing as the country becomes more internet-connected and many cities are also coming up with smart-city initiatives. In 2017, the country’s cybersecurity industry grew at 27.6% to reach RMB 43.9 billion and is expected to reach RMB 54.6 billion for last year.

Many companies and organizations are now exploring digitization and information technology to keep up with the competition and stay ahead of their peers.

In June 2017, China introduced a new cybersecurity law that requires all businesses to manage their own emails and other data networks. The law also requires that any business information and data on individuals gathered in China be stored in domestic servers and will not be transferred overseas without prior approval, increasing the need for domestic cybersecurity answers.

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