China Wants Banking Backdoors

From: GovInfoSecurity

Audits, Source Code Would Be Required from Foreign Firms

By Mathew J. Schwartz

Chinese authorities reportedly want to see the source code for all software and hardware that gets sold to its banking sector, as well as see vendors submit to rigorous audits and build government-approved backdoors into their products. But Western technology firms have reacted with alarm at the proposed “cybersecurity review regime,” and warned that it may soon be expanded to cover much more than just the banking sector.

The draft Chinese banking regulations were contained in a 22-page report that was finalized at the end of 2014, and which is expected to be officially unveiled in the coming months as part of a Beijing-led cybersecurity push, The New York Times reports.

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