China’s banking and insurance sectors significantly beefed up their IT resource investments in 2019, amidst a push from regulators for improvements to Internet security.
Major banking and insurance institutions in China made total IT investments of 206 billion yuan (approx. USD$29 billion) last year, according to a report from Shanghai Securities Journal.
Major banking institutions in China made total IT investments of over 173 billion yuan in 2019, for a YoY rise of 22.8%. Major insurance institutions made direct investments in IT of over 33 billion yuan, for a YoY increase of 16.9%.
According to the report this rise in investments arrives following a push from the China Banking and Insurance Regulatory Commission (CBIRC) for improvements to Internet security following the launch of a specialist rectification campaign.