Telecom giant Huawei to spend $2b on cybersecurity over next 5 years

Huawei Technologies Co Ltd said on Tuesday it would spend $2 billion over the next five years on cybersecurity by recruiting more people and upgrading laboratories, as the Chinese technology major seeks to ease concerns about its telecom gear.

The move came after Huawei has already secured more than 25 commercial contracts for 5G, or fifth-generation mobile communication technology.

"We have already shipped more than 10,000 base stations for 5G, which demonstrates the trustworthiness of our company," said Hu Houkun, rotating chairman of Huawei.