Cybercrime on the Rise in China: Financial Institutions Under Threat
High-Risk Location for Cybercrime
A recent report by AIG Travel’s security team has flagged China as a high-risk location for cybercrime, citing widespread online censorship and monitoring, frequent incidents of cyberattacks, and confiscation of electronic devices by government authorities.
Challenging Internet Policies
The country’s increasingly restrictive internet policies have made it challenging for individuals to access restricted websites. The government imposes strict controls on virtual private networks (VPNs), and the ban on non-state-sanctioned VPNs, which came into effect in March 2018, has been met with uncertainty and reports of imprisonment for violators.
Cybercrime Landscape
China’s cybercrime landscape is plagued by hacker groups and information thieves who have been responsible for domestic and international cybercrimes. These groups often target financial institutions, corporate information, and online drug trafficking networks. Despite cooperation between China and the US to combat these groups, the results have been limited.
Government Monitoring and Censorship
The Chinese government has been accused of widespread censorship and monitoring of online activity, with police, military, and social media corporations tracking internet activities in real-time. This has led to numerous cases of police arresting internet users who post content deemed “hostile information” by the government.
Traveler’s Advisory
Travelers to China are advised to exercise extreme caution when using electronic devices, as they may be subject to confiscation or monitoring by government authorities. Proprietary personal, business, or financial information should not be accessed or stored on devices in-country, as it could be vulnerable to surveillance and confiscation.
Mobile Phone and Tablet Use
The use of mobile phones and tablets in China requires a local SIM card, which can be purchased at telecom stores and mobile device vendors throughout the country. However, users are warned to exercise caution when accessing secure data or devices, including personal or identity information.
Precautions for Travelers
AIG Travel’s security team advises travelers to China to take necessary precautions to protect themselves from cyber threats, including:
- Using reputable VPNs
- Being cautious of public Wi-Fi networks
- Keeping software and operating systems up-to-date