Financial firms should invest more in cybersecurity, says executive

Financial institutions should increase their investments in cybersecurity, which will enhance their core competitiveness, said a top executive of a leading Chinese cybersecurity company.

"Cybersecurity will become the core competitiveness of financial institutions or online payment platforms. Internet finance companies need to invest more in cybersecurity. I believe the input on cybersecurity will be much bigger in the future," said Qi Xiangdong, chairman of 360 Enterprise Security Group.

"There will be enormous opportunities for us next year and our business is expected to grow 60 percent," said Qi, adding they will put more emphasis on cybersecurity for the industrial internet, health care and energy sectors next year.

The company has provided safety protection for financial institutions, such as the People's Bank Of China, State Administration of Foreign Exchange, China Banking Regulatory Commission, China Development Bank, China Construction Bank, Agricultural Bank of China and China Merchants Bank.

Its private cloud security platform, anti-fraud platform and big data platform could guarantee the data security of office terminals for bank users through its big data analysis technologies, said Qi.

Meanwhile, it can assist the bank in judging financial fraud, money laundering and other business risks, providing security guarantees for bank customers and improving user experiences.

Qi called for financial institutions keep an eye on the potential security risks and strengthen their awareness of cybersecurity, and increase investments in this sector.

As China leads the world in internet of things development and adoption, companies here encounter greater motivation to adapt and stay competitive in a market characterized by particularly high-paced advancement, according to a report from the global consultancy firm PwC.

Many enterprises in China, especially some tech-savvy companies, are sensitive to the potential damage cyber threats pose, the report said.

360 Enterprise Security Group has signed a strategic agreement with Beijing Aerospace Guang-da Technology to promote the industrial internet, which is expected to boost the productivity, efficiency and reliability of industrial production as well as reduce its costs.

"Cybersecurity in the industrial internet, finance and health care will be our focus next year," said Qi. The government has been making efforts in cybersecurity. For instance, the China Cybersecurity Law has been in effect since June 2017.