Digital Resilience And Financial Stability. The Quest For Policy Tools In The Financial Sector

As a result of the sweeping transition to a digitalised financial system, digital resilience is a fundamental pillar of financial stability. Achieving digital resilience poses a broad range of regulatory challenges, to respond to the complex combination of risks, essentially consisting of cyber (in)security and the concentration of computer resources in the cloud. This article presents the guiding principles of the new regulatory logic needed in the microprudential and macroprudential fields, highlighting its special features and its relationship to the exceptional combination of risks at stake in the area of digital resilience. It also discusses the need for instrumental innovations, such as greater use of circuit breakers, the singular role of cooperation in cybersecurity regulation and the unique challenges raised by the regulatory perimeter of digital resilience