Responsive Regulation and the National Financial System Cybersecurity Policy
Keywords:
Brazilian National Financial System, cybersecurity policy, responsive regulation, digital business, new technologiesAbstract
Purpose ”“Measure the possible adoption of responsive regulation proposals in the implementation of the cybersecurity policy of the Brazilian Financial System, introduced by the Resolution nº 4.658 from April 26 of 2018 by the National Monetary Council.
Methodology/approach/design ”“The research started by recovering concepts from Responsive Regulation Theory, in order to better define its essential elements. The next step was to use these concepts to analyses if the Resolution nº 4.658 had enough elements to be understood as an attempt of a responsive regulation proposal.
Findings ”“Although some elements in the regulation under analysis me be understood as responsive, most of it show some considerable distance from the Resolution and the theoretical model proposed by the Responsive Regulation Theory.
Practical implications (if applicable) ”“The study suggests there is a new approach to regulation by Banco Central do Brazil when structuring new digital business frameworks. However, this new reorientation is not completely adapted to the business context.
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