Biz / Tech

Shanghai to double cyber security industry revenue by 2023

Zhu Shenshen
City strategy involves leading firms contributing to tighter security initiatives and compliance as more younger people become victims of telecom fraud.
Zhu Shenshen

Shanghai will boost its cyber security sector next year thanks to a doubling of revenue to 25 billion yuan (US$3.90 billion) from leading firms and industry parks and improved online fraud prevention methods, industry officials said.

Cyber security is fundamental to the Personal Information Protection Law and Shanghai Data Usage rules released recently. It is also a key link to most people's digital life and Shanghai's long term strategy to establish a global digital hub, experts said.

Shanghai's cyber security industry revenue will double the 2021 level to hit 25 billion yuan in 2023, with two national Internet security parks and over 10 leading firms.

It will establish a complete ecosystem in Shanghai covering five sectors -- research, security certification, incubation, talent and cooperation and collaboration -- according to a blueprint released by Shanghai Commission of Economy and Information this week.

Major firms like China Unicom, SIPG and SAIC Group that cover ocean shipping, telecoms, air transport, steel, harbor, energy and public utilities contributed to development of the blueprint. Their involvement demonstrates the city's commitment to cyber and data security in all sectors, said Zhang Ying, vice director of the commission.

A professionally connected car security and innovation center dealing with supply chain, Internet connection and data security issues in the autonomous driving industry also made its debut this week.

The growing incidence of digital and telecom fraud and cyber crimes are major challenges in China.

In Shanghai, about 63 percent of telecom fraud victims are young people born after 1990, and result in huge economic losses for the likes of students, said Wang Tianguang, vice director of Shanghai Communications Administration.

Local police bureau also deal with telecom fraud and cyber crimes in blocking suspicious website links, issuing warnings and opening a special 96110 hotline.

They announced a cooperation with tech giant Baidu to prevent fraud and crime using artificial intelligence (AI) technologies. For example, 600 million Baidu Input users will be automatically warned when facing fraud challenges.

Baidu designed the animated anti-fraud cat characters to warn users and they can be easily accepted by young people, especially students, said Cai Yuting, Baidu Input general manager.

Shanghai to double cyber security industry revenue by 2023
Ti Gong

Animated cat characters used for anti-fraud warnings in Shanghai.

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