Compare cybersecurity risks in the U.S. and another country.

China has the world’s largest market in mobile payments, digital shopping, and internet financial services. An approximate 400 million people in China use mobile devices to make most of their payments. An estimated 700 million Chinese citizens have access to internet and overall business is information technology. Any law that impacts online space, cybersecurity included, will make ripples in the way the Chinese government will conduct business. China’s cybersecurity law that took effect in June of 2017 was part of an ongoing government program to reinforce their cybersecurity and target non-Chinese hackers. This is when continuous tensions between China and the U.S. in terms of cybersecurity will change how business is conducted between the two. One reason why the law was particularly alarming to the US is that important networking equipment and software must receive government certifications. Specific pieces of intellectual property could easily be passed to Chinese companies by the regulators of cyber equipment. Under this veil of cybersecurity, regulators obtain access to information that can benefit and improve Chinese firms while dragging down foreign businesses. Network management is most at risk while examining these special hardware systems. ATM’s for example are more vulnerable to hacking and under China’s new law this creates an entry for government snooping. Since critical data will have to be stored inside data, this will force international firms to build duplicate facilities within China which is way more expensive. International companies will also have to weigh out the risks of not doing business in China. China has a reputation for ‘copying’ without insider access, and this law increases their ease in which the business sector can review their competition. Foreign companies will have to either comply and understand they will have a way to peek into their private information or risk being excluded from the vast Chinese market.