Russian cybersecurity company Kaspersky is eyeing vast opportunities in China's industrial sector, driven by the country's strong manufacturing base and fast-evolving digital economy, said its top executive.

"China is a global manufacturing hub. The opportunity here is immense with countless Chinese companies developing various internet of things (IoT) devices, creating a huge demand for industrial cybersecurity," said Eugene Kaspersky, CEO of Kaspersky, which operates in about 200 countries and regions.

"Kaspersky has shown strong performance in our 'to personal consumers' segment in the Chinese market and we are ramping up efforts developing new products for businesses, especially in the industrial sector in the country, to capitalize on the vast opportunities presented by the country's digital transformation," he said.

Examples include Kaspersky Next, launched in June in Beijing, a new cybersecurity product that helps businesses defend against multiple threats, and Kaspersky Thin Client version 2.0, codeveloped with Centerm, a Chinese smart terminal provider. The latter, launched in April, is designed to protect organizations with extensive branch networks and geographically distributed operations. Thin Client is a compact endpoint providing users access to a remote desktop, substituting for a local workstation.

"China has numerous innovative companies actively seeking new opportunities in cyber immunity, and we are looking for more partners. The collaboration with Centerm is just the first step, and we expect to partner with more companies in the future," Kaspersky said.

China's IoT data economy market is expected to maintain a growth rate of 20 percent in the coming years. IoT technology is increasingly being applied in fields such as industry, agriculture, healthcare, education and smart appliances, bringing intelligent upgrades to various sectors, said Ni Jianzhong, executive chairman of the China Mobile Communications Association.

Emerging new technologies are also buoying demand for updated cybersecurity products and services. A recent report by CCID Consulting said the Chinese cybersecurity sector grew 8.5 percent year-on-year to 99.83 billion yuan in 2023 and may reach 135.86 billion yuan in 2026.

Yin Hao, an academician with the Chinese Academy of Sciences, said at a recent forum that the deep integration of 5G networks with various industries has spurred new businesses, technologies and scenarios, which in turn brings new cybersecurity challenges and opportunities. Yin emphasized the need to enhance the security of key technologies involved in 5G-industry integration, identify varying cybersecurity needs across industries, and develop customized cybersecurity products and services.