New data security sharing platform to tackle black market threats

An integrated cyberthreat and data security sharing platform has been set up to tackle black market threats and other illegal activities. 

Initiated by the Shanghai Information Security Trade Association, a non-profit social organization that promotes cyber security, the Cybersecurity and Data Threat Integrated Alliance consists of a dozen local Internet companies including Lujiazui International Financial Asset Exchange Co, Linksure Network, online shopping site Vipshop and ZTO Express. 

The alliance is overseen by the Shanghai Cyberspace Administration Commission, Shanghai Economy and Informatization Commission and Shanghai Communications Administration. 

"Enhancing internal safety mechanisms and curtailing data leaks are the key to the development of the digital economy," commented Fu Xinhua, deputy director at the Shanghai Economy and Informatization Commission. 

Deputy Director of Shanghai Communications Administration Xie Yuqi said that  cybersecurity measures had become an even more severe problem with malware targeting mobile applications. 

"Online scammers and black market practitioners making use of data loopholes and are causing hundreds of billions of yuan of losses for domestic Internet and technology companies, and as cyber black market has become more sophisticated as their hacking expertise outgrows a single company's cyber protection efforts," commented Shanghai Linksure Network chief security officer Gong Wei. 

Local Internet companies will exchange threat information through the platform to cross-check potential data breaches and prevent hackers from exploiting loopholes. 

Standalone efforts sometimes are not enough to tackle large scale threats and data-sharing can help industry practitioners better prepare. 

Smartphone applications have exacerbated the data safety issue as daily activities such as commuting and shopping all rely on the digital network. 

Malware is increasingly used by hackers to access personal information with the aim of stealing online assets and other criminal activities. 

Data breaches in the past year compromised the personal information of millions of people around the world. 

The Identity Theft Resource Center and CyberScout said in a joint annual report that data breaches exposed some 1.7 billion email-related credentials around the globe with 1.2 times more sensitive data breaches than the year before.