China to probe EMC, IBM, Oracle for security issues
On Friday, Shanghai Securities News said the Ministry of Public Security and a cabinet-level research center of China were preparing to investigate on EMC Corp, IBM Corp and Oracle Corp over security concerns.
The report came after the revelations made by Edward Snowden, a former US spy agency contractor. Snowden said that US National Security Agency hacked into China and Hong Kong's universities' major network infrastructure. Snowden also leaked documents showing NSA had access to heaps of online data from large corporations like Facebook and Google.
China, the second largest economy in the world, was repeatedly accused of hacking by the US. However, Snowden's expose allowed China to point its finger at Washington for its hypocrisy. The regulators and policemen in China have already started a series of probes into how foreign and local firms operate their business in the country.
In 2009, the Center for Strategic and International Studies projected a USD1 trillion cost of hacking in the global economy. Last month, it reestimated the cost to be between USD100 billion and USD500 billion.