Cybersecurity as factor of financial security of the enterprise

Issue: № 5/3, 2020


Introduction. As a component of the business environment the information environment is characterized by significant cyber threats and requires cyber protection. The processes of Ukrainian society digitalization and changes in providing the information security update the enterprise's financial security measures and their connection with cybersecurity. The purpose of the paper is to analyze the essence of cybersecurity as a factor of the enterprise's financial security and to identify its impact on the investment attractiveness of the business entity. To achieve the purpose the task is to explore the concepts of financial security, cybersecurity and cyber threats, to identify their relationship and impact on business' financial losses of the, the consequences for the enterprise's investment attractiveness. The study will provide information on business management and plan effective policies to combat cyber threats. Results. The essence of enterprise's financial security is investigated. There are three approaches in identifying the essence of this concept, including as part of the enterprise's economic security, as the state of the most effective use of information, financial indicators and as its financial condition level, which provides stable protection of priority balanced financial interests from real and potential external and internal threats. These definitions are used to substantiate the connection with the concepts of cyber threat and cyber security. The areas of possible losses based on the losses assessment due to cyber threats are identified by the authors, namely the intellectual property loss, the business information loss, the IT systems' continuity disruption, the reputation damage as a result of the attack, the automated personal data loss. Conclusion. It is concluded that the necessary measures of cybersecurity, protection of enterprises' information resources and prevention of unauthorized interference in the enterprises' activities, which has a positive effect on investment attractiveness and increases the enterprises' competitiveness.

Keywords : financial security, cyber threats, informational security, cybersecurity, losses of the enterprise, investment attractiveness


1. Sudakova O.I. Strategic management of enterprise financial security. Economic Scope. 2008. № 9. pp. 140-148. (in Ukrainian)

2. Kuzenko T.B. Management of enterprise financial safety. Biznes-Inform. 2007. № 12(1). pp. 27-29 (in Russian)

3. Blank I.A. The financial management enterprise security. Kyiv: Nika-Tsentr, Elga. 2004. 784 p. (in Russian)

4. On Main Principles of Maintaining Cybersecurity of Ukraine: Law of Ukraine of October 05, 2017 № 2163-VIІІ. Update date: 08.07.2018. URL: show/2163-19 (in Ukrainian).

5. Furashev V.M. Cyberspace and information space, cybersecurity and information security: intension, definition, differences. Information and Law. 2012. № 2. pp. 162-169. URL: (in Ukrainian).

6. Pantielieieva N.M., Romanovska L.V., Romanovska M.S. Cyberthreats in the digital economy. Financial Space. 2019. № 1. pp. 130-144. URL: (in Ukrainian)

7. Cyberspace. URL: Кіберпростір (in Ukrainian).

8. On the decision of the National Security and Defense Council of Ukraine dated January 27, 2016 «On the Cyber Security Strategy of Ukraine»: Presidential Decree. URL: (in Ukrainian)

9. EY Global Information Security Survey 2018-19 URL:

10. Key findings from The Global State of Information Security Survey 2018. «Strengthening digital society against cyber shocks». URL: strengthening-digital-society-against-cyber-shocks.html (in Ukrainian)

11. Pill from hackers: how business protects itself from cyberattacks. URL: (in Ukrainian)

12. Losses from global cyberattacks in the world reached $53 billion - the IMF. URL: (in Ukrainian)

13. The damage from the WannaCry virus was estimated at a billion dollars. URL: post/18972/2017-05-25-zbitok-vid-virusu-wannacry-otsinili-v-milyard-dolariv/ (in Ukrainian)

14. Nosova O.V. Investment attractiveness of enterprise. Strategic Priorities. 2007. № 1 (12). pp. 120–126. (in Ukrainian)

15. Yevtushenko S.O. Economical and organization factors of productive enterprise investment appeal: abstract diss. ... cand. econ. sciences: 08.06.02. Kharkiv, 2001. 20 p. (in Ukrainian)

16.    Brukhovetska N.Y., Khasanova O.V. Assessment of the investment attractiveness of the enterprise: determination of disadvantages of some existing methods. Economy of Industry. 2009. № 1. pp. 110-117. URL: econpr_2009_1_17 (in Ukrainian)

Download article