China's data security sector is bound to witness steady growth with the implementation of the Data Security Law, which plays a vital role in promoting the healthy development of the digital economy since there is a tremendous demand-supply gap for relevant jobs, said Hays, a global professional recruiting group.
With the rapid development of emerging technologies such as 5G, artificial intelligence, cloud computing, the internet of things, blockchain and big data, China's digital industry is booming. However, data security has turned into a new issue given the complexity of the digital economy.
"It is of great significance for domestic enterprises to improve the awareness of relevant laws and regulations on data security and make strategic plans on recruiting talents, whether they operate domestically or plan to expand into overseas markets in the future," said Jessica Wang, managing director of Hays China.
Wang noted more and more enterprises have attached greater importance to data security issues due to strengthened regulations, so service providers involved in the data security segment, covering cloud services, network security, threat detection and response will see huge growth potential in the sector.
"The huge growth potential in the data security industry is not only beneficial to talents but also reflects the current talent shortage in this field," Wang said.
The Data Security Law, which took effect on Sept 1, and the Personal Information Protection Law, which took effect on Monday, provide enterprises with detailed guidance and corresponding punishment in terms of the usage, storage, transfer and destruction of information and data, Hays said.
It added the two laws help phase out enterprises that mishandle or illegally collect and use data, eventually promoting the long-term and sustainable development of the data security industry.
The revenue of China's cybersecurity industry is expected to exceed 250 billion yuan ($39.1 billion) by 2023, with a compound annual growth rate of over 15 percent, a draft three-year action plan released by the Ministry of Industry and Information Technology in July said.
In addition, the cybersecurity investment in key industries such as telecommunications should account for 10 percent of the total investment in digitalization, the draft plan said.
Data from the China Academy of Information and Communications Technology showed the market scale of the cybersecurity industry in China reached 170.2 billion yuan in 2020.
Wang added that along with the implementation of relevant laws and regulations, the explosive growth of the data security industry will highlight the pressure of recruiting talents for both companies and service providers. "The current situation is that there is a talent shortage of all levels of positions, and the demand for talents is greater than ever."
The application of digital technology and the digital transformation of traditional industries cannot be achieved without professional and innovative talents, who master digital technology and can scientifically analyze and deal with data, industry experts said.
"Data security is more important than ever before, and data like critical infrastructure has become the target of cyberattacks," said Zhou Hongyi, founder and chairman of cybersecurity company 360 Security Group, adding direct attacks on big data will lead to the shutdown of business systems.
Big data is at the core of digitalized scenarios and data security is of great significance in big data-driven businesses. Data theft, tampering and leaking will bring about more serious problems than cyberattacks, while noting data security concerns national security, Zhou said.
Worldwide spending on information security and risk management technology and services is forecast to grow 12.4 percent to reach $150.4 billion in 2021, a forecast from market consultancy Gartner Inc said.
"The key point of internet governance is to regulate the use and security protection of data, which means internet enterprises must strengthen the awareness of national data security and the protection of users' privacy and interests in the process of development," said Wu Hequan, an academician at the Chinese Academy of Engineering.
"We should not only protect the data and share data in a wider range, but also ensure each other's security," Wu said, adding data security is of increasing importance. He called for upstream and downstream enterprises along with the industrial chain to establish a mechanism to share and check related information about cyberattacks and cope with cybersecurity challenges.