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 fined two Chinese banks 1 million CYN (approximately 120 000 euro) for failing 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 Bank of Communications was fined for a similar lack of security, related to credit card information collection.