Banking system stability: a global analysis of cybercrime laws

• 成果类型: Article
• 署名作者: Cumming, Douglas; Nguyen, My; Pham, Anh Viet; Samarasinghe, Ama
• 署名单位: Stevens Institute of Technology; Royal Melbourne Institute of Technology (RMIT); Royal Melbourne Institute of Technology (RMIT)
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-025-00838-3
• 发表日期: 2026
• 关键词: deposit insurance; moral hazard; CAPITAL SHORTFALL; TRADE SECRETS; cost; OWNERSHIP

摘要

We examine the role of cybercrime legislation globally in shaping the stability of the banking system. We compile a novel dataset covering the enactment of cybercrime legislation in 132 developed and developing countries to test this research question empirically. We find that the enactment of cybercrime laws enhances the stability of the banking sector. This key finding holds across a comprehensive suite of robustness tests, including alternative measures of bank stability and model specifications. We document significant cross-sectional heterogeneity, with the effect being more pronounced in countries with heavier penalties for illegal cyber activities and legal frameworks that hold banks accountable for their cybersecurity practices. Moreover, the positive impact is stronger in jurisdictions with greater international legal cooperation and effective enforcement mechanisms. We further investigate two channels (i.e., funding liquidity and operational risk) through which cybercrime laws may influence bank stability. Our results indicate that these laws can significantly bolster bank stability by enhancing funding liquidity and mitigating operational risk. Overall, our study provides evidence of the crucial role of cybercrime legislation in fostering a secure and resilient banking environment. It offers new insights into how these laws contribute to bank stability on both individual and systemic levels. Cyberattacks on financial systems are increasing, causing significant disruptions and financial losses. In response, many countries have enacted cybercrime laws to combat these threats. These laws aim to reduce cyber incidents by providing a legal framework for prosecuting cybercriminals and encouraging banks to strengthen their cybersecurity measures. However, there is a concern that banks might rely too heavily on these laws and neglect their cybersecurity, potentially increasing their vulnerability. This study investigates how the enactment of cybercrime laws affects the stability of banking systems.This article uses data from 132 countries to analyze the impact of cybercrime laws on bank stability. The study examines the timing of these laws' enactment and their effects on individual banks and the overall banking system. The researchers use various methods, including a stacked event-by-event approach, to ensure the results are not influenced by other factors. They also explore how different aspects of cybercrime laws, such as penalties and international cooperation, affect their effectiveness. The study looks at two main channels through which these laws might influence bank stability: funding liquidity (the ability of banks to access stable funding) and operational risk (the risk of losses from failed processes or systems).The study finds that cybercrime laws significantly improve bank stability. On average, individual bank stability increases by 0.69%, and overall banking system stability rises by 25.58% after these laws are enacted. The positive impact is stronger in countries with stricter penalties for cyber offenses and where banks are held accountable for their cybersecurity practices. The study also shows that cybercrime laws enhance depositor and investor confidence, leading to increased funding liquidity and reduced operational risk. These findings suggest that cybercrime laws play a crucial role in strengthening the stability of the banking system.The study concludes that cybercrime laws are effective in reducing cyber risks and enhancing bank stability. It highlights the importance of international cooperation and consistent enforcement of these laws. The findings suggest that regulatory bodies should encourage the adoption of cybercrime laws to protect the banking system from cyber threats. Future research could explore the cross-border effects of these laws and how they can complement other financial regulations to address systemic cyber risks.This text was initially drafted using artificial intelligence, then reviewed by the author(s) to ensure accuracy. Nous examinons le r & ocirc;le des l & eacute;gislations relatives & agrave; la cybercriminalit & eacute; & agrave; travers le monde dans la stabilit & eacute; du syst & egrave;me bancaire. Afin de tester empiriquement cette question de recherche, nous & eacute;laborons un ensemble de donn & eacute;es in & eacute;dit couvrant la promulgation des l & eacute;gislations sur la cybercriminalit & eacute; dans 132 pays d & eacute;velopp & eacute;s et en d & eacute;veloppement. Nous constatons que l'adoption des lois sur la cybercriminalit & eacute; renforce la stabilit & eacute; du secteur bancaire. Cette conclusion principale reste valable & agrave; travers une s & eacute;rie compl & egrave;te de tests de robustesse, y compris des mesures alternatives de la stabilit & eacute; bancaire et des sp & eacute;cifications de mod & egrave;les. Nous constatons une h & eacute;t & eacute;rog & eacute;n & eacute;it & eacute; intersectorielle significative, avec un impact plus prononc & eacute; dans les pays o & ugrave; les sanctions pour les activit & eacute;s cybercriminelles ill & eacute;gales sont plus s & eacute;v & egrave;res et o & ugrave; les cadres juridiques tiennent les banques responsables de leurs pratiques en mati & egrave;re de cybers & eacute;curit & eacute;. De plus, l'impact positif est plus fort dans les juridictions o & ugrave; la coop & eacute;ration juridique internationale est plus importante et o & ugrave; les m & eacute;canismes d'application sont efficaces. Nous explorons & eacute;galement deux canaux (& agrave; savoir la liquidit & eacute; de financement et le risque op & eacute;rationnel) par lesquels les lois sur la cybercriminalit & eacute; peuvent influencer la stabilit & eacute; bancaire. Nos r & eacute;sultats indiquent que ces lois peuvent consid & eacute;rablement renforcer la stabilit & eacute; bancaire en am & eacute;liorant la liquidit & eacute; de financement et en att & eacute;nuant le risque op & eacute;rationnel. Dans l'ensemble, notre recherche apporte des preuves du r & ocirc;le crucial de la l & eacute;gislation sur la cybercriminalit & eacute; dans la promotion d'un environnement bancaire r & eacute;silient et s & ucirc;r. Elle apporte & eacute;galement des renseignements sur la mani & egrave;re dont ces lois contribuent & agrave; la stabilit & eacute; bancaire, tant au niveau individuel que syst & eacute;mique. Examinamos el papel de la legislaci & oacute;n sobre ciberdelitos en todo el mundo en la configuraci & oacute;n de la estabilidad del sistema bancario. Compilamos una base de datos novedosa que abarca la promulgaci & oacute;n de leyes sobre ciberdelitos en 132 pa & iacute;ses desarrollados y en desarrollo para probar emp & iacute;ricamente esta cuesti & oacute;n de investigaci & oacute;n. Encontramos que la promulgaci & oacute;n de leyes sobre ciberdelitos mejora la estabilidad del sector bancario. Este hallazgo clave se mantiene a lo largo de una amplia gama de pruebas de robustez, incluidas medidas alternativas de estabilidad bancaria y especificaciones de modelos. Documentamos una heterogeneidad significativa en el an & aacute;lisis transversal, siendo el efecto m & aacute;s pronunciado en pa & iacute;ses con sanciones m & aacute;s severas para las actividades cibern & eacute;ticas ilegales y marcos legales que exigen responsabilidad a los bancos responsabilizan a los bancos por sus pr & aacute;cticas de ciberseguridad. Adem & aacute;s, el impacto positivo es m & aacute;s fuerte en jurisdicciones con mayor cooperaci & oacute;n jur & iacute;dica internacional cooperaci & oacute;n legal internacional y mecanismos de cumplimiento efectivos. Investigamos tambi & eacute;n dos canales (es decir, la liquidez de financiamiento y el riesgo operativo) a trav & eacute;s de los cuales las leyes sobre ciberdelitos pueden influir en la estabilidad bancaria. Nuestros resultados indican que estas leyes pueden fortalecer significativamente la estabilidad bancaria al mejorar la liquidez de financiaci & oacute;n y mitigar el riesgo operativo. En general, nuestro estudio proporciona evidencia del papel crucial de la legislaci & oacute;n sobre ciberdelitos en la promoci & oacute;n de un entorno bancario seguro y resiliente. Ofrece nuevas perspectivas sobre c & oacute;mo estas leyes contribuyen a la estabilidad bancaria tanto a nivel individual como sist & eacute;mico. Examinamos o papel da legisla & ccedil;& atilde;o sobre crimes cibern & eacute;ticos ao redor do mundo na forma & ccedil;& atilde;o da estabilidade do sistema banc & aacute;rio. Compilamos um conjunto de dados in & eacute;dito que abrange a promulga & ccedil;& atilde;o de leis sobre crimes cibern & eacute;ticos em 132 pa & iacute;ses desenvolvidos e em desenvolvimento para testar empiricamente esta quest & atilde;o de pesquisa. Constatamos que a promulga & ccedil;& atilde;o de leis contra crimes cibern & eacute;ticos aumenta a estabilidade do setor banc & aacute;rio. Este achado fundamental se mant & eacute;m ap & oacute;s uma ampla gama de testes de robustez, incluindo medidas alternativas de estabilidade banc & aacute;ria e especifica & ccedil;& otilde;es de modelos. Documentamos uma heterogeneidade transversal significativa, sendo o efeito mais pronunciado em na & ccedil;& otilde;es com penalidades mais severas para atividades cibern & eacute;ticas ilegais e com estruturas legais que responsabilizam bancos por suas pr & aacute;ticas de seguran & ccedil;a cibern & eacute;tica. Al & eacute;m disso, o impacto positivo & eacute; mais forte em jurisdi & ccedil;& otilde;es com maior coopera & ccedil;& atilde;o jur & iacute;dica internacional e eficazes mecanismos de aplica & ccedil;& atilde;o. Investigamos ainda dois canais (ou seja, liquidez de financiamento e risco operacional) pelos quais leis contra crimes cibern & eacute;ticos podem influenciar a estabilidade banc & aacute;ria. Nossos resultados indicam que essas leis podem fortalecer significativamente a estabilidade banc & aacute;ria ao melhorar a liquidez de financiamento e ao mitigar o risco operacional. De forma geral, nosso estudo fornece evid & ecirc;ncias do papel crucial da legisla & ccedil;& atilde;o sobre crimes cibern & eacute;ticos na promo & ccedil;& atilde;o de um ambiente banc & aacute;rio seguro e resiliente. Ele oferece novas perspectivas sobre como essas leis contribuem para a estabilidade banc & aacute;ria tanto em n & iacute;veis individuais quanto sist & ecirc;micos. 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