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Friday, March 29, 2024

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Cybersecurity: China Cracks Down On The Use Of Personal Data

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On Monday, the Cyberspace Administration of China (CAC) has opened a cybersecurity review onto three more companies: Yunmanman and Huochebang, both subsidiaries of the New York-listed Full Truck Alliance and Boss Zhipin, an online recruitment platform listed on the Nasdaq. They joined last week app Didi, who has been remove from China’s app stores last week over data security risks.

During the cybersecurity check, none of those companies are allowed to register new users. The crackdown of those firms happens after the new Chinese regulations which has been passed last month start to be put at work. The first target was the app Didi which last Thursday ended its first day on the New York Stock Exchange with a valuation of $68.49 billion rising to nearly $74.5 billion when the market closed on Friday. The app has apparently gathered massive amounts of real-time data. CAC claimed that “After checks and verification, the Didi Chuxing app was found to be in serious violation of regulations in its collection and use of personal information.” Until the checks are complete, the app does not have the right to register new users on the platform. The crackdown does not affect the current users. The same rules have been applied to the other three platforms.

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