The legal battle against cyber crooks should be national, not global

In the wake of the financial crisis of 2008, there was much discussion about creating global regulatory standards to stop a repetition of the devastation wreaked on financial systems. Gordon Brown, the British prime minister at the time, argued in a landmark speech two years later for a “new global order”, maintaining that “only a truly international response – in policy and governance” could be effective in preventing future crashes.

In today’s digital world, it is tempting to make a similar case for cyber-risk: that creating a global governance framework would help to stop bad actors damaging government institutions and holding businesses to ransom.

Pandemic weariness, geopolitical turbulence, and inflationary pressures are palpable across the globe and disruptive technological innovation offers promise and despair in almost equal measure. Digital banking is helping to boost financial inclusion. Internet-based services have improved the lives of millions.…