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Title |
Financial security management under the conditions of digitalization: the state and business entities |
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Author |
Lesya Yastrubetska, Mariia Orel, Havrylenko Nataliia, Oleksii Tonkykh and Vladymyr Yefimov |
| Citation |
Vol. 21 No. 10 pp. 310-316 |
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Abstract |
Under the conditions of digitalization, there is a growing need to form mechanisms to protect financial resources to ensure a high level of financial security of business entities. Network technologies cause the emergence of new business models, fundamentally different from the traditional operating structures in industrial corporations. This article aims to assess the state of financial security of business entities in the conditions of digitalization. Methodology. The research conducted a statistical analysis and built linear dependency models based on Eurostat indicators to assess the level of financial security of EU enterprises and the relationship between the indicators of financial security and digitalization. The results show a direct correlation between the share of turnover of enterprises from e-commerce sales and ICT security measures supplied by third parties on behalf of enterprises. Within EU-27 an increase in e-commerce sales is found to encourage companies to implement measures to protect financial resources. A non-linear correlation was found: the growth of turnover from e-sales of companies determines the variation of ICT security measures. Companies within the EU use different protection measures to protect financial resources and implement ICT in-house or by outsourcing. Large and medium-sized companies face more challenges related to ICT and security. Overall, 92% of companies use some form of ICT security measure. Only 24% of EU-27 companies have defined or revised security policies in the past 12 months, while 33% have developed and documented ICT security activities, practices and procedures. In 86% of cases, ICT security measures are implemented either by staff or by outside organizations. |
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Keywords |
capital protection, digitalization, financial security, financial interests, financial risks of enterprises |
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