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October 13, 2021

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Spending up on security of cyberspace

China’s cybersecurity industry will hit revenue of 250 billion yuan (US$40 billion) by 2023, with increased spending on telecoms and other key sectors, says the Ministry of Industry and Information Technology.

Shanghai’s telecom, online finance and Internet service industries have promised to enhance security and increase spending for the city’s digital transformation and coming China International Import Expo 2021, they said yesterday.

The security spending will pour into sectors like telecom (at least 10 percent) and booming industries covering intelligent vehicles and industrial Internet, according to the Ministry.

In the first half, China’s online security service market revenue more than doubled, thanks to booming cloud, remote control and various other new services, according to researcher IDC.

Shanghai’s top 50 firms have tested cybersecurity through an “attack-and-defense” campaign to find network loopholes and better prepare for the coming China International Import Expo that run from November 5 to November 10.


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