Ensuring Financial Security: Approaches to Risk Management and Protection in the Digital Economy

Abstract

Introduction: The rapid development of digital technologies and their integration into financial systems, accompanied by the emergence of new types of risks and threats, necessitates the use of effective strategies aimed at minimizing financial risks.Objective: The purpose of this article is to analyse risk protection and risk management strategies in the digital economy to ensure financial security.Methods: During the study, the author analysed the literature, which made it possible to identify relevant strategies for protecting and managing risks in the digital economy. As part of the study, an expert survey was conducted among 20 scientists, the results of which allowed for a correlation analysis in the JASP software to determine the effectiveness of financial risk management strategies.Results: The outcomes of the correlation analysis revealed that the standardization of digital technologies reduces credit risk and cyber risk (r = -0.549, p = 0.01), while increasing reputational risk (r = -0.742, p = 0.001); the regulation of digital assets leads to an increase in counterparty and inflation risks (r = -0.742, p = 0.001); and the development of financial literacy reduces counterparty risk (r = -0.645, p = 0.002), reputational risk (r = -0.833, p = 0.001), and inflation risk (r = -0.645, p = 0.002).Conclusions: Based on the findings of the study, different risk management strategies in the digital economy demonstrate different effectiveness in mitigating specific financial risks, which emphasizes the need for a comprehensive approach to ensure overall financial stability.

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