Alibaba Becomes Victim of Data Leakage!

  Alibaba Becomes Victim of Data Leakage!   Alibaba Group Holding Ltd. Victim of Monthly Leak by a Marketing Consultant. The central Chinese court ruled that the consultant was guilty of scanning more than one billion data about Taobao online users since 2019 in the name of serving customers. The court sentenced the employee and his supervisor to a total fine of 450,000 yuan ($70,260) and more than three years in prison.

Alibaba Victims of Massive Data Leak As China Tightens Security

The company announced in its statement that no customer data was sold and its users did not suffer financial losses. But Beijing, Alibaba, Tencent Holdings Ltd. and Meituan did not remain indifferent to the leak as internet giants pushed for tightening the procedures for storing and processing information treasures. Alibaba Official explained, "Taobao, data privacy and security is of the utmost importance, they are taking this unauthorized data flow situation very seriously." Shares of e-commerce giant Alibaba fell more than 1% on the Hong Kong stock market on Wednesday. The Xi administration has tightened its control over the vast body of information gathered in the country's tech companies to counterbalance the growing influence of its large and private firms that will make China a global leader.

 Alibaba Group Holding Ltd. Victim of Monthly Leak by a Marketing Consultant.

The government is pouring money into data centers and other digital infrastructures to make electronic information a national economic driver, as well as strengthen the legitimacy of the communist party. As China's new data security practices take effect on September 1, the Xi administration will be able to impose multiple sanctions, including the power to shut it down, if tech companies are found to be misusing key government data. The legislature is also drafting legislation on the protection of personal information that is expected to be passed. This law is in line with laws in the US and EU countries for anti-trust (competition) actions and giving users greater control over data. Meanwhile, President Joe Biden gave the order on Wednesday to re-examine the draft law proposal for China-based TikTok and WeChat applications, which Former President Trump had previously banned.    

Source: Yahoo.Finance

 

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