Market Trends of China Cybersecurity Industry
This section covers the major market trends shaping the China Cybersecurity Market according to our research experts:
Cloud Deployment to Hold a Significant Market Share
- The need for cloud-based solutions and subsequent growth in the use of on-demand security services is driven by businesses' growing awareness of the value of saving money and resources by transferring their data to the cloud rather than creating and maintaining new data storage.
- Due to these advantages, major businesses and SMEs in China embrace cloud-based solutions more frequently. Cloud platforms and ecosystems are anticipated to be the starting point for an explosion in the speed and scope of digital innovation during the coming few years.
- The Ministry of Industry and Information Technology's information-sharing platform for cybersecurity threats and vulnerabilities compiled 143,319 information system vulnerabilities in 2021. There were 40,498 vulnerabilities with high risk and 86,217 vulnerabilities with medium risk.
- China Telecom, China Mobile, and China Unicom recorded 753,018 distributed denial-of-service (DDoS) attacks in 2021, which is a 43.9% decrease from 2020. As of 2021, the Ministry of Industry and Information Technology's information-sharing portal for cybersecurity threats and vulnerabilities has received 88,799 occurrences, a reduction of 60.9 percent over the same period in 2020.
- According to the notice released on December 2021, MIIT has suspended a collaboration with the cloud unit about cyber-security risks and information-sharing platforms to be reevaluated in six months and perhaps resumed. This most recent action demonstrates Beijing's determination to increase control over crucial cyberinfrastructure and data for national security. By the end of the year, state-owned businesses in China are required to transfer their data from private operators like Alibaba and Tencent to a state-backed cloud infrastructure.
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Rapidly Increasing Cybersecurity Incidents and Regulations Requiring Reporting
- The rising organizational tendency toward digitization and the use of linked technologies as part of their operations has led to a sharp spike in cybersecurity incidents in China. The number of connected devices has increased in China due to technical improvements. The interconnectivity of the devices will also rise dramatically with 5G and 5G equipped devices. As a result, there are more linked devices, which immediately raises the market's requirement for security goods.
- Data on an estimated 1 billion Chinese residents taken from the Shanghai police were listed for sale in July 2022 by an anonymous user on a well-known internet cybercrime site. One of the biggest heists in history, it involved highly sensitive information such as government ID numbers, criminal records, and in-depth case summaries with charges of rape and domestic violence.
- According to China's internet regulator, the ride-hailing company has unlawfully acquired customers' personal data, which is why it ordered smartphone app retailers to cease selling Didi Global Inc.'s app in July 2022. Four days after Didi started trading on the New York Stock Exchange after raising USD 4.4 billion in an initial public offering, the Cyberspace Administration of China (CAC) said that it had instructed Didi to make improvements to comply with Chinese data protection laws.
- As per China Internet Network Information Center (CNNIC), internet users reported not having encountered cybersecurity concerns in the previous six months in 62.0% of cases as of December 2021, a figure that was relatively consistent with December 2020.
- In addition, the percentage of Internet users who experienced personal information leakage was the highest at 22.1%; internet fraud was experienced by 16.6% of users; viruses or Trojan horses infected their devices at a 9.1% rate, and accounts or passwords were stolen by 6.6% of users.
