Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

UPDATE 1-China, Canada vow not to conduct cyberattacks on private sector

Published 2017-06-26, 12:18 a/m
Updated 2017-06-26, 12:20 a/m
© Reuters.  UPDATE 1-China, Canada vow not to conduct cyberattacks on private sector

(Changes sourcing; adds Canadian government statement)

June 26 (Reuters) - China and Canada have signed an agreement vowing not to conduct state-sponsored cyberattacks against each other aimed at stealing trade secrets or other confidential business information.

The agreement was reached during talks between Canada's national security and intelligence adviser, Daniel Jean, and senior communist party official Wang Yongqing, a statement dated June 22 on the Canadian government's website showed.

"This is something that three or four years ago (Beijing) would not even have entertained in the conversation," an unnamed Canadian government official told the Globe and Mail, which first reported the agreement.

The new agreement only covers economic cyber-espionage, which includes hacking corporate secrets and proprietary technology, but does not deal with state-sponsored cyber spying for intelligence gathering.

"The two sides agreed that neither country's government would conduct or knowingly support cyber-enabled theft of intellectual property, including trade secrets or other confidential business information, with the intent of providing competitive advantages to companies or commercial sectors," the Canadian Government said in the statement.

China's foreign ministry did not immediately respond to a request for comment.

Some countries, including the United States, have long accused Beijing of sponsoring hacking attacks on companies in an effort to acquire sensitive foreign technology. China denies those accusations, and says that it is also a victim of hacking.

In 2015 China and the United States came to a similar understanding on corporate cyber-espionage, after the Obama administration had mulled targeted sanctions against Chinese individuals and companies for cyber attacks against U.S. commercial targets.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

U.S. cyber security executives and government advisors said breaches attributed to China-based groups had dropped around the time of that agreement.

China this month put into effect a new cyber security law designed to strengthen critical infrastructure, even as many global tech firms and lobbies said the rules skewed the playing field against foreign firms.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.