Cybersecurity and global regulatory challenges
| DOI | https://doi.org/10.1108/JFC-07-2020-0149 |
| Date | 02 November 2020 |
| Pages | 359-374 |
| Published date | 02 November 2020 |
| Subject Matter | Accounting & finance,Financial risk/company failure,Financial crime |
| Author | Fabio Ramazzini Bechara,Samara Bueno Schuch |
Cybersecurity and global
regulatory challenges
Fabio Ramazzini Bechara
Department of Criminal Law, Universidade Presbiteriana Mackenzie,
São Paulo, Brazil, and
Samara Bueno Schuch
Universidade Presbiteriana Mackenzie, São Paulo, Brazil
Abstract
Purpose –This study aims to define objectively what are the elements that should be considered in the
repositioning of internationalcooperation, less under its value, which is unquestionable, but more under the
optics of the procedure, how canit be operationalized. International cooperation goes beyondthe regulatory
effort, which, although an importantstep, is insufficient. It is inserted in an environment in which there is a
multiplicityof forces and instances, non-converging and tensioned.At the same time, in the authors’view, it is
not about cooperation between states or between states and international organizations only, it must
understandthe private sector equally, which has the expressive property of the technologiesused.
Design/methodology/approach –The study uses an interdisciplinary approach, and the method of
analysisis the typothetical deductive.
Findings –Cybersecurityas a global and complexissue demands cooperation between nations, but also the
private sector and civil society engagement. It also demands a good governance in the decision making
process,more integrated, accurated and precised.
Originality/value –This study is original,and it represents a special concern and visionfrom professional
and academicfields.
Keywords Governance, Risks, Cybersecurity, Cyber cooperation, Regulatory challenges
Paper type Research paper
1. Introduction
Since the called peace of Westphalia,which in 1648 established a diplomatic solution for the
peaceful coexistence among sovereignstates after many years of mutual threat and religion
wars between several European countries, in terms of international and national
governance, one of the top concernsalways have been sovereign.
Almost 350 yearslater, the development and dissemination of computer technology and
the internet equally challenge global authorities to think about how to solve cyber threats
that spill over their borders and demand dialogue and the search for consensus between
jurisdictions to govern conflicts arising from the misuse of cyberspace. This is a very
current dilemma and one that motivates discussions about the transition to a new era of
post-territorialsystems.
It is undeniable that the democratization of computer technology and the internet
has provided, and still provides, many benefits for society. The facilitation of access,
storage and dissemination of information on a large scale, meant that knowledge could
be transported beyond territorial limits. In this context, the development of societies
has been optimized in organizational, cultural, intellectual, social and economic terms.
The initial physical boundaries were broken and communities became more creative
Global
regulatory
challenges
359
Journalof Financial Crime
Vol.28 No. 2, 2021
pp. 359-374
© Emerald Publishing Limited
1359-0790
DOI 10.1108/JFC-07-2020-0149
The current issue and full text archive of this journal is available on Emerald Insight at:
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and cultured, which fostered their social and political participation, stimulated
innovation and led to the development of new economic models, many of them based on
information itself.
In a short time, cyberspace became a social and economic phenomenon, because of its
technical, social and institutional openness [1]. However, although this technology has
allowed for many advances in globalterms, the openness and philosophy of freedom [2] that
underpin the use of the network, also have negative consequences and challenge the global
authorities to think of new ways to solve the damages experienced, because of the use of
cyberspace for bad purposes.
In this new model of social interaction, the basic concepts that we used to define what
happened around us, created based on what we learned in the old social structural models,
are hardly applicable to situations occurring in the digital environment, generating the
feeling of disorientation and creation of an outstanding and parallel environment, in which
traditional rulesof social control apparently do not apply.
At the same time, the speed with which these technologies develop does not allow their
impacts to be understood in a timely manner when proposing solutions for the resumption
of social control by states, because when we understand the consequences of a given
technology’s externality and how to accommodate it in the traditional regulatory model, a
more advanced technologicalmodel with different consequences is already having an effect
on society.
This legal uncertainty raises many doubts about how to resolve conflicts and threats
presented by misuse in cyberspace, which are mainly questions about the adequacy of
traditional models of social control by governments, about the possibility of applying
the legislation in force in jurisdictions to digital environment, the possibility of
regulating the digital environment and how to resolveany possible conflict between the
laws and interests of different countries, as cyberspace is not bounded by territorial
boundaries.
When observing the world scenario, there is a rapid growth in cyber incidents and
the urgent need for cooperation between countries for coordinated action to mitigate
threats. Currently, initiatives to combat cybercrime are fragmented and the lack of
normative, strategic and operational alignment generates rework and impairs the
absorption of lessons learned, putting at risk the prolonged effectiveness of thes e
actions.
In this context, cooperationbetween nations is increasingly necessary to give traction to
discussions on global cyber governance, aiming at the conclusion of international
agreements capable of establishing mutual assistance to guaranteedigital inclusion, for the
sharing of information and collaboration in investigations of cybercrimes,as well as for the
harmonization and guarantee of enforcement regardless of territorial limits imposed by
traditional regulatorymodels.
In this sense, we intend to define objectively what are the elements that should be
considered in the repositioning of international cooperation, less under its value, which is
unquestionable, but more under the optics of the procedure, how can it be operationalized.
International cooperation goes beyond the regulatory effort, which, although an important
step, is insufficient. It is inserted in an environmentin which there is a multiplicity of forces
and instances, non-converging and tensioned. At the same time, in our view, it is not about
cooperation between states or between states and international organizations only, it must
understand the private sectorequally, which has the expressive property of the technologies
used.
JFC
28,2
360
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