On January 29 2021, the CIRC imposed a fine of 4.2 million yuan on the Agricultural Bank of China for violating the principle of prudence. The reasons for this punishment include the following six aspects: (1) failure to report an important information system emergency; (2) illegal retention of business card printing data; (3) improper protection of production network and branch wireless Internet; (4) extensive data security management and risk of data leakage; (5) many loopholes in network information system; (6) Internet portals leak sensitive information.

From the above reasons for punishment, it mainly involves data security incidents, sensitive information leakage, network information system security and other data security issues. Compared with other types of data, financial data has certain particularity because it involves more sensitive information. Therefore, the data security management of financial institutions is particularly important. The high fine imposed by China Banking and Insurance Regulatory Commission on Agricultural Bank of China also shows the strict trend of financial data governance and the importance of personal information protection.

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