Chinese banks hit with heavy fines over data protection breaches

According to the International Association of Privacy Professionals (IAPP), the Shanghai Supervision Bureau of China Banking and Insurance Regulatory Commission announced 1 million CYN fines (approximately 120 000 euro) respectively to two Chinese banks that failed to properly protect their consumers’ personal data. The China Merchants Bank, was fined after an investigation that uncovered a five-year lapse in data security. The second fine was served to the Bank of Communications for a similar lack of security related to credit card information collection.