Financial Security of Enterprises in the Black Sea Region Under Digitalization and Wartime Challenges

Abstract

The article explores the challenges of ensuring the financial security of enterprises in Ukraine's Black Sea region under the conditions of digitalization and threats related to the proximity to a war zone. The relevance of an integrated approach to managing financial risks caused by both military threats and increasing cyber risks is substantiated. A mathematical model for assessing the financial security level of enterprises is proposed, considering the impact of military, cyber, and economic risks. The model integrates key factors such as the level of enterprise digitalization, security expenditures, and indicators of internal and external threats.

The purpose of the study is to develop scientifically grounded approaches to enhancing the financial security of enterprises in the Black Sea region by optimizing expenditures on digital technologies and cyber security measures in the context of military threats.

The research methodology is based on the comprehensive use of mathematical modeling, risk analysis, and optimization methods to assess the impact of various factors on financial security. The method of expert evaluations, variance analysis, and pair wise comparison method were used to calculate weight coefficients. The level of enterprise digitalization and financial risks was assessed using integral indicators that combine quantitative and qualitative characteristics.

The research results demonstrate that enterprises in the Black Sea region suffer the most from military risks, which negatively impact their financial stability.

Financial security includes protecting the enterprise's financial and economic activities from internal and external threats, ensuring sustainable development and competitiveness. In the context of digitalization, financial security encompasses the following aspects: protection of financial assets from cyber threats and fraud; financial risk management through changes in the digital environment; optimization of expenditures on information security measures.

Digitalization has a dual impact on financial security. On the one hand, it facilitates the automation of financial processes, improving their efficiency and transparency, thereby reducing opportunities for fraud and corruption. On the other hand, digital technologies introduce new risks, including cyber threats, data breaches, and financial fraud, necessitating the implementation of reliable security mechanisms.

The developed model allowed for optimizing the budget allocation between physical security and cyber security measures. It was established that investing 60% of the budget in physical security measures and 40% in digital transformation ensures the highest level of financial stability. This approach reduces military risks by 30% and cyber risks by 20%, contributing to the stabilization of enterprises under crisis conditions.

The conclusions confirm that improving the financial security of enterprises in the Black Sea region is possible through a balanced allocation of investments in physical and cyber security. The developed mathematical model serves as an effective tool for strategic decision-making in risk management. The practical application of the proposed model will help minimize potential financial losses and ensure the stable development of enterprises even under high external threats. It is recommended that regional enterprises adapt their financial security strategies in response to external environmental changes and increase investments in digital technologies as a factor of long-term resilience.