China’s economic powerhouse is facing a growing cyber attack threat that’s forcing the countrys financial industry to pay out more bonuses than ever before.
Bloomberg reports that China’s Ministry of Industry and Information Technology (MIIT) is warning that Chinese banks are being hit with nearly $50 billion in fines for cyber-attacks that breach bank accounts.
The government announced that it would fine Chinese banks $3.9 billion for breaching the financial system in May, but the amount has since doubled to $6.4 billion in the first nine months of this year, according to Bloomberg.
The fines are up nearly 15 percent over the same period last year, and they will continue to rise, according a report by the Financial Services Commission of China (FSC), a body that oversees the country’s financial sector.
China’s banks are under increasing pressure because they have become the most valuable company in the country, which has been grappling with a financial crisis since the financial crisis hit in 2008.
The Financial Times reports that banks across China are now being penalized for breaking financial regulations.
China is already cracking down on corruption, and the country is looking to use cyber attacks to tighten up its control over the economy.
It has already banned certain online gambling sites, which have allowed Chinese players to bet on international competitions.
The Chinese government has also recently launched a new program that allows China’s military to hack into US companies and target their networks.
It was also recently reported that China plans to use a network of “black sites” to host online gambling operations that are not sanctioned by the country.
It’s also unclear if China’s cyberattack threats will continue unabated.
The US government is reportedly preparing a “black budget” to deal with cyber threats in China, and has already set up a task force to monitor the country and protect against future attacks.