Volume 12 - Issue 69
/ September 2023
315
http:// www.amazoniainvestiga.info ISSN 2322- 6307
DOI: https://doi.org/10.34069/AI/2023.69.09.28
How to Cite:
Trzonkowski, K., Khalina, O., Kolisnichenko, P., Rozumovych, N., & Zhyhulin, O. (2023). Information systems for financial and
economic security in the face of cyberthreats: study of characteristics in the context of modern administrative and legal
mechanism. Amazonia Investiga, 12(69), 315-324. https://doi.org/10.34069/AI/2023.69.09.28
Information systems for financial and economic security in the face of
cyberthreats: study of characteristics in the context of modern
administrative and legal mechanism
Sistemas de información para la seguridad financiera y económica frente a las ciberamenazas:
estudio de características en el contexto del moderno mecanismo administrativo-legal
Received: August 1, 2023 Accepted: September 20, 2023
Written by:
Konrad Trzonkowski1
https://orcid.org/0000-0002-3129-5732
Olena Khalina2
https://orcid.org/0000-0002-4086-6314
Paulina Kolisnichenko3
https://orcid.org/0000-0001-6730-1236
Nataliia Rozumovych4
https://orcid.org/0000-0003-4498-725X
Oleksandr Zhyhulin5
https://orcid.org/0000-0003-1532-2806
Abstract
The aim of the article was to study the
characteristics of the formation of an information
system to implement the administrative and legal
mechanism to ensure financial and economic
security under the influence of cyber threats. The
research methodology involved the use of
hierarchical and pairwise comparison analysis, as
well as the method of expert analysis, with the
help of academic documentary sources. As a
result of the study, the main cyber threats in the
information system of the administrative and
legal mechanism for ensuring financial and
economic security were identified and ordered
according to their level of influence. This order
will allow the management apparatus to
understand, at least in theory, the hierarchy of
importance of existing threats and subsequently
use the latter to build information systems.
Everything allows to conclude that, by analyzing
the obtained results, a methodical approach to the
assessment of cyber threats to financial and
economic security was formed. However, the
1
WSHIU Academy of Applied Sciences, Poznan, Poland. WoS Researcher ID: JGE-3283-2023
2
Ukrainian Academy of Printing, Ukraine, Lviv, Ukraine. WoS Researcher ID: FDC-7854-2022
3
Vice Rector for International Cooperation, WSHIU Academy of Applied Sciences, Poznan, Poland. WoS Researcher ID:
IWE-0198-2023
4
King Danulo University, Ivano-Frankivsk, Ukraine. WoS Researcher ID: DQA-6944-2022
5
Odesa National University of Technology, Odesa, Ukraine. WoS Researcher ID: JQI-0228-2023
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study has its limitations, as for the formation of
the above-mentioned information systems, a
small number of cyber threats were adopted,
which are also characteristic for a particular
country like Ukraine.
Keywords: Financial and Economic Security,
Information Systems, Administrative and Legal
Mechanism, Financial Markets, Cyber Threats.
Introduction
Historically, financial security primarily
revolved around the accumulation and
preservation of wealth, often in physical forms
like gold or property. As economies evolved, so
did the concept of financial security. The
development of banking systems, stock markets,
and various financial instruments allowed for
more diversified means of securing and growing
wealth. In modern times, financial security also
encompasses aspects like insurance, pension
plans, and access to credit, which help
individuals and businesses manage risk and
uncertainty.
Different approaches have been adopted to
ensure economic and financial security over
time. Governments play a crucial role through
policies that regulate financial markets, provide
social security, and manage economic cycles.
Meanwhile, individual strategies may include
savings, investments, and insurance. The digital
age has introduced new dimensions to financial
security, including cyber security and the
management of digital assets. The continuous
evolution of these concepts reflects the dynamic
nature of economies and the ever-changing
challenges and opportunities they present.
One of the fundamental factors of the
independence of a sovereign state in modern
economic conditions is the state of its financial
and economic security. Due to the rapid changes
in market conditions in global financial markets
and the interconnected system of economic
relations in the structure of the world economy,
the state of the domestic financial sector is
becoming increasingly difficult to control, given
the instability of the internal and external
environment. In such a situation, there is a need
for a comprehensive preventive assessment of
external and internal factors that directly or
indirectly affect the country’s financial sector.
The development of the economy can be ensured
by expanding relationships between national and
international financial and credit institutions and
integration into the world market.
Financial and economic security is ensuring such
development of the financial and economic
system and financial relations, as well as
processes in the economy, in which the necessary
financial conditions are created for the socio-
economic and financial stability of the country,
maintaining the integrity and unity of the
financial system (including monetary, budgetary,
credit), tax and currency system), successfully
overcoming internal and external threats in the
financial sector.
The financial system must have a certain margin
of safety in case of unforeseen and extraordinary
circumstances, so that government authorities
can quickly and timely respond to the emergence
of any threats and, if possible, prevent, neutralize
or minimize potential socio-economic losses.
In the current conditions of economic
development, strengthening of integration and
globalization processes, the issue of ensuring the
national security of the state comes to the fore.
Financial and economic security is its most
important component, without which it is almost
impossible to solve any of the problems facing
the state. Recently, the financial and economic
safety of different states has been influenced by
a number of external and internal threats:
monetary crises, geopolitical situation, the
influence of the activities of international
organizations, inflationary processes, instability
of the legal system, etc.
The lack of financial resources leads to the
inability of the financial system to provide the
state with financial resources sufficient to
perform its internal and external functions and
generally poses a threat to national security.
Trzonkowski, K., Khalina, O., Kolisnichenko, P., Rozumovych, N., Zhyhulin, O. / Volume 12 - Issue 69: 315-324 /
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The formation and practical implementation of
an effective mechanism for ensuring financial
and economic security presupposes, first of all,
the identification of factors influencing the state
of financial security, external and internal
threats, and the study of the interconnectedness
of the individual components of this structure,
which is complex in internal structure and
hierarchical composition.
Cyberthreats in modern society are gaining
significant scale. Now, a successful hacker attack
can cut off power to an area or country, lead to a
bank robbery, or destroy a successful
organization.
Based on these definitions, we offer the author’s
understanding: “cyberthreats” are illegal,
punishable actions of subjects of information
legal relations that create a danger to the vital
interests of an individual, society and the state as
a whole, the implementation of which depends
on the proper functioning of information,
telecommunication and information-
telecommunication systems, as well as relations
on the creation, collection, receipt, storage, use,
distribution, protection, protection of
information.
Theoretical Framework or literature review
Financial and economic security is a state of
protecting the economic interests of an
individual, company or state from internal and
external threats, ensuring the stability and
sustainability of the financial system, as well as
the ability to effectively withstand various types
of economic risks. This includes measures to
prevent financial crises, ensure the stability of the
national currency, and protect against fraud,
corruption and other illegal activities.
Cyber threats are potential or actual security
threats that arise in the digital space. These could
be attacks on computer systems, networks or
personal data. Problems of ensuring financial and
economic security and countering cyber threats
attract the attention of scientists due to the
growing relevance of cybersecurity in a world
where financial and economic systems are
increasingly dependent on digital technologies.
This field of study combines not only the
technical aspects of information systems
security, but also a deep understanding of
economic processes, making it multidisciplinary
and important for modern research. The topic has
also grown in importance in the context of global
cyber threats that threaten economic stability and
security at the national and international levels.
In the contemporary landscape of financial and
economic security, the convergence of
administrative, legal, and technological
dimensions becomes pivotal in navigating the
challenges posed by modern cyberthreats. This
literature review delves into key studies that
illuminate various aspects of this multifaceted
domain.
The legal aspects of reforming public
management for financial and economic security
in Ukraine are scrutinized by Dragan et al.,
(2023). This study positions legal considerations
as instrumental in shaping effective
administrative mechanisms to counter evolving
threats, particularly in the context of European
integration.
Raghutla and Chittedi (2021) provide an
insightful analysis into how financial
development fuels economic growth in emerging
markets. Their study highlights the critical role of
financial policies, market development, and
regulatory frameworks in shaping economic
resilience. This research underlines the
importance of robust financial systems, which
are essential for safeguarding economies against
various threats, including those of a cyber nature.
The findings suggest that a well-developed
financial sector is better equipped to handle the
complexities and challenges posed by
cyberthreats, underlining the symbiotic
relationship between financial stability and
cybersecurity. Albalawi and Almaiah (2022)
delve into the cybersecurity challenges prevalent
in IoT environments, shedding light on the
vulnerabilities and attack vectors that are
increasingly becoming a concern for financial
information systems. The study assesses various
mitigation techniques, emphasizing their
applicability in protecting sensitive financial
data. This research is particularly relevant in
understanding how IoT, a rapidly growing
dimension in financial technology, can be
safeguarded against cyber intrusions that threaten
financial stability.
Fakiha (2022) examines the effectiveness of
forensic firewalls in defending against
cyberattacks. The study's focus on the protective
capabilities of these firewalls offers valuable
insights into their role in safeguarding devices
and, by extension, the financial information they
contain. Jing et al., (2014) present a
comprehensive perspective on the security
challenges in the Internet of Things, with a focus
on how these challenges impact financial data
integrity and privacy. Their findings are crucial
in understanding the broader implications of IoT
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security for the financial sector, emphasizing the
need for robust security protocols and innovative
solutions to safeguard financial systems in an
increasingly interconnected world.
Rushchyshyn, Medynska, Nikonenko, Kostak,
and Ivanova (2021), in their work published in
Business: Theory and Practice, examine the
regulatory and legal components in ensuring a
state’s financial security. Their analysis is crucial
for understanding the legal frameworks and
regulatory mechanisms that underpin the
financial security of nations, particularly in
mitigating and responding to cyberthreats.
The work of Iskayan et al., (2022) highlights the
importance of the information environment
factor in assessing the economic security of a
country. The authors analyze how digital
technologies and information systems affect the
economic stability and security of nations,
pointing out the complexity and interdependence
of these factors in the world. On the other hand,
Al Azzam's (2019) study focuses on the
importance of international cooperation in
countering cybercrime. Al Azzam reviews
existing international cooperation mechanisms
and suggests ways to modernize them to
effectively address the global challenges posed
by cybercrime. This research shows the
shortcomings of current systems and highlights
the need for more coordinated and
comprehensive approaches.
Benigno et al., (2013) explores financial crises
and macro-prudential policies in the Journal of
International Economics. His research offers
insights into how macroeconomic tools and
policies can be utilized to prevent or mitigate
financial crises, a perspective that is essential
when considering the systemic risks posed by
cyber threats to financial systems. Syshchuk and
Teteruk (2018) focus on the European Union's
monetary and financial mechanism of anti-crisis
regulation. Their study, provides an in-depth
look at how the EU has developed mechanisms
to manage financial crises, offering a model that
can be considered in the context of managing
cyber risks. Jovovic et al., (2017) discuss the
concept of sustainable regional development in
the Journal of International Studies, emphasizing
the institutional aspects, policies, and prospects.
This research is significant for understanding the
broader context in which financial and economic
security operates, including the sustainability of
regional development in the face of evolving
cyberthreats.
Stankevičienė, Sviderskė, and Miečinskienė
(2014) in their article in Business: Theory and
Practice compare country risk, sustainability, and
economic safety indices. This comparison is
valuable for assessing how different countries
manage economic safety and risks, including
those related to cybersecurity. Soni et al., (2021),
in Technological Forecasting and Social Change,
explore technological interventions in social
business. Their research is pertinent for
understanding how technological advancements
can be leveraged to enhance financial and
economic security while also recognizing the
new challenges and risks these technologies
bring, especially in cybersecurity. Finally,
Alvarez, Di Caprio, and Santos-Arteaga (2016),
in their study in Technological and Economic
Development of Economy, discuss technological
assimilation and divergence during times of
crisis. This study is relevant for understanding
how technology can both contribute to and
mitigate the impacts of economic crises, with
particular relevance to cybersecurity threats.
The human factors in cyber defense are
addressed by Vieane et al., (2016), emphasizing
the importance of addressing gaps in
cybersecurity through an understanding of
human behavior. This perspective adds a crucial
layer to the technological aspects of financial and
economic security. Gordieiev et al., (2021)
propose the concept of using eye-tracking
technology to assess and ensure cybersecurity,
functional safety, and usability.
Sylkin et al., (2020) contribute to the
methodology of forming a model for assessing
the level of financial security, providing a
structured approach that can guide policymakers
and administrators in evaluating and enhancing
financial resilience. Kryshtanovych et al., (2023)
present an intelligent multi-stage model for
countering the impact of disinformation on the
cybersecurity system. This forward-looking
study recognizes the evolving nature of threats
and the importance of adaptive models in
safeguarding financial and economic systems.
In synthesis, these studies collectively
underscore the intricate interplay of
administrative, legal, and technological elements
in the pursuit of robust financial and economic
security. The literature sets the stage for the
current research, which seeks to contribute novel
insights into the implementation of an
information system tailored to counter modern
cyberthreats and fortify the administrative-legal
mechanisms safeguarding financial integrity.
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Methodology
The methodological basis of the study is the
theoretical and methodological provisions for
ensuring the financial and economic security of
the state in the context of countering modern
cyberthreats.
To fully understand the process of improving the
financial and economic security of the state in the
context of countering modern cyberthreats, we
used the modern methods of hierarchical analysis
and pairwise comparison method and also expert
analysis method.
In the hierarchical analysis method, the even
comparison procedure is applied to pairs of
homogeneous elements. Heterogeneous elements
are divided into interconnected groups (clusters)
containing homogeneous elements. In the
hierarchical analysis method, it is possible to
create matrices of paired comparisons based on
any ratio scales used for the measured properties
of the objects being compared. In similar
variants, expert assessment is replaced by the
ratio of two corresponding dimensions. The
resulting scale derived from the paired
comparison matrix containing estimates of the
actual measurements will be similar to that which
can be obtained by normalizing to the unit of the
corresponding measurements.
These methods make it possible to systematically
and objectively assess the impact of various
cyber threats and determine which of them
should be paid special attention to when planning
measures to ensure financial and economic
security. The said methods were used to compare
and contrast certain cyber threats in such a way
as to ascertain from expert opinion which
negative impact is more dominant than the other.
For this purpose, there is a point rating scale
according to the procedure. If it significantly
exceeds, then more points; if not significantly,
then less. In total, more than 30 experts from the
field of financial and economic security were
involved. 20 experts from the field of
cybersecurity were also involved. A survey was
conducted through the Delphi method.
Research hypothesis: to propose a
methodological approach to ordering cyber
threats in such a way that it is possible to
establish the most significant ones in the context
of ensuring financial and economic security, and
which ones are not.
Results and Discussion
The formation and effective implementation of a
cybersecurity policy, within the framework of
which a set of measures to predict and counter
cyber threats is developed, is a necessary
condition for the development of a knowledge
society. In the context of the globalization of
information processes and their integration into
various spheres of public life, the leadership of
the leading countries of the world pays increased
attention to the creation and improvement of
effective systems for protecting critical
infrastructure from external and internal
cyberthreats.
It should be noted that in many leading countries
of the world, national cybersecurity systems have
already been formed as the most optimal
organizational structures that can quickly
accumulate the forces and resources of
competent government authorities with the
involvement of public authorities to counter
cyberthreats.
Cyberthreats in modern society are gaining
significant scale. Now, a successful hacker attack
can cut off power to an area or country, lead to a
bank robbery, or destroy a successful
organization. In order to carry out correct and
effective measures to prevent cyber threats and
eliminate their negative consequences, their
legitimation is first of all necessary - the
development and consolidation of a legislative
definition in order to avoid differences in the
application of this category, as well as conflicts
with other legal acts, determination of their
content, uniformity of law enforcement practice.
In the context of our research, for the formation
of information systems for the implementation of
the administrative and legal mechanism for
ensuring financial and economic security under
the influence of modern cyberthreats, it is
important to highlight the key cyberthreats that
have the greatest impact. For better
understanding and specification, all threats will
refer to a specific country - Ukraine. The reason
for choosing this country was that the authors and
experts who were chosen for the study live in
Ukraine and are specialists in the field of
cyberthreats and cyber security in Ukraine. Thus,
according to the expert opinion, the experts
identified key cyberthreats in the information
system of the administrative and legal
mechanism for ensuring financial and economic
security of Ukraine (Table.1).
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Table 1.
Key cyberthreats in the information system of the administrative and legal mechanism for ensuring
financial and economic security of Ukraine
№
The name of the cyber threat
Mnemonic name
1
The activation of cyber terrorism caused by military actions
CT
2
Development of cybercrime in the banking sector
CBS
3
Unsystematic measures of cyber protection of critical information infrastructure
UCP
4
Noncompliance of the state's electronic communications infrastructure, its level
of development and security with modern requirements
NEC
5
Insufficient effectiveness of the subjects of the security and defense sector of
Ukraine in countering cyberthreats of a military, criminal, terrorist and other
nature
ISD
6
Emergence of content cyberthreats
CCT
7
Threats to the integrity of the economic space
UES
Source: (Formed by authors)
Taking the constructed graph as a basis, we
construct a binary dependence matrix A for the
set of vertices C1 as follows (1):

󰇥󰇛󰇜󰇛󰇜
󰇛󰇜󰇛󰇜
(1)
Graph of connections between key cyberthreats
in the information system of the administrative
and legal mechanism for ensuring financial and
economic security of Ukraine in Figure 1.
Figure 1. Graph of connections between key cyberthreats in the information system of the administrative
and legal mechanism for ensuring financial and economic security of Ukraine Formed by authors.
According to the calculations performed and the generated matrix, the next step will be to create a binary
dependency matrix (Table 2).
C1
CT
C2
CBS
C3
UCP
C4
NEC
C5
ISD
C6
CCT
C7
UES
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Table 2.
Binary dependency matrix
1
2
3
4
5
6
7
CT
ВР
UCP
NEC
ISD
CCT
UES
1
CT
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:1
SET AS
NUMBER
:0
SET AS
NUMBER
:0
2
ВР
SET AS
NUMBER
:1
SET AS
NUMBER
:0
SET AS
NUMBER
:1
SET AS
NUMBER
:1
SET AS
NUMBER
:1
SET AS
NUMBER
:0
SET AS
NUMBER
:1
3
UCP
SET AS
NUMBER
:1
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
4
NEC
SET AS
NUMBER
:1
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
5
ISD
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
6
CCT
SET AS
NUMBER
:1
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:1
SET AS
NUMBER
:0
SET AS
NUMBER
:1
7
UES
SET AS
NUMBER
:1
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
SET AS
NUMBER
:0
Source: (Formed by authors)
This matrix is constructed in accordance with the
relationship proposed below (2):

󰇥

(2)
Vertex zj is formed from vertex Сi if in the graph
(Fig. 1) there is a path leading from vertex Сi to
vertex Сj. Such a peak is designated as
achievable. Forming a subset of similar vertices
through S(Сi). Similarly, vertex Сi is the next
corresponding vertex Сj if it reaches its
maximum. Thus, the collection of vertices forms
a subset P(Сi).
The final intersection of subsets of reachable
vertices and predecessor vertices, which
corresponds to subset (3):
󰇛󰇜 󰇛󰇜 󰇛󰇜 (3)
The vertices that do not reach any vertex of the
set of remaining C1 determine a certain level of
the priority hierarchy of the actions of
cyberthreats, the vector of which goes to these
vertices. An additional condition is to ensure the
equality shown in the formula (4)
󰇛󰇜 󰇛󰇜 (4)
Bypassing intermediate calculations, we
ultimately obtain hierarchical levels of the
impact of cyberthreats in the information system
of the administrative and legal mechanism for
ensuring financial and economic security of
Ukraine (Fig.2).
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Figure 2. The scheme of the hierarchy of the influence of cyberthreats in the information system of the
administrative and legal mechanism for ensuring the financial and economic security of Ukraine.
Source: (developed by the authors)
Thus, we have determined that cyberthreats 2 and
5 have the greatest impact on the formation of
information systems of the administrative and
legal mechanism for ensuring financial and
economic security. Accordingly, in order to
formulate the most effective administrative and
legal support, it is critical to take into account
measures that would counteract or neutralize the
impact of these particular cyberthreats. It should
be noted that certain cyberthreats are specific to
the realities of the Ukrainian financial and
economic system, and therefore, when creating
similar information systems of the administrative
and legal mechanism for other countries,
cyberthreats specific to each country should be
identified.
Conclusions
In the sum, in modern conditions, the influence
of the global financial and economic system on
an individual state is moving to a qualitatively
new level. Given the leading role of finance in
the modern economy, special attention is paid to
management influences through financial
mechanisms, using financial levers, financial
incentives and financial goals. And globalization
precisely creates the conditions for the
establishment of special financial power, which,
through the ownership of world money and the
disposal of the cost of managing financial flows,
allows one to influence both the entire global
economic space and individual states.
As computers have moved to “resource sharing
systems,” cybersecurity issues require significant
resources, the development of appropriate
strategies, mechanisms to combat cybercrime,
and coordination among different market actors.
Approaches to cybersecurity and financial
security are no longer technical, as they
increasingly embrace legislative and policy
issues tailored to the specific skills and practices
of users shaped by the diversity of cultures and
societies online and around the world. As the
Internet has become more pervasive in life and
the workplace, there is greater awareness that
cybersecurity cannot simply be a response to
emerging problems, but must prevent the threat
of cybercrime to improve the resilience of any
systems.
Modern realities of cybersecurity indicate a
number of important problems that prevent the
creation of an effective system for countering
threats in cyberspace for financial and economic
security. Such problems, first of all, include
terminological uncertainty, lack of proper
coordination of the activities of relevant
departments, dependence on foreign-made
software and technical products, and difficulties
with staffing the relevant structural units. These
factors only strengthen the identified
cyberthreats and potentiate their manifestation.
The importance of ensuring financial and
economic security in the context of protection
modern methods of hierarchical analysis and
pairwise comparison method against
cyberthreats is becoming increasingly significant
in the realities of the present world. This situation
has led to active interest in the formation of
specific information systems for the
implementation of administrative and legal
mechanisms to ensure financial and economic
security. The study has its limitations, since for
the formation of the above information systems,
a limited number of cyberthreats were adopted,
Level 1 C1 (CT) C5 (ISD)
Level 2 C3 (UCP) C4 (NEC) C7 (UES)
Level 3 C2 (BP) C6 (CCT)
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which are also characteristic of a particular
country. In the future, it is planned to expand the
list and levels of influence of threats, which will
be used to create more complete and integrated
information systems for the implementation of
the administrative and legal mechanism for
ensuring financial and economic security under
the influence of modern cyberthreats, both for
Ukraine and for other countries.
Given the identified cyberthreats, we recommend
that governments and organizations take specific
steps to ensure better protection. First,
interdepartmental coordination needs to be
strengthened to ensure effective sharing of
information and resources. Secondly, it is
important to reduce dependence on foreign
software and technical products by promoting the
development of domestic alternatives. Finally,
upskilling staff in cybersecurity is key to
strengthening defenses against digital threats.
The results of our study also point to potential
directions for future cybersecurity research. First,
it may be interesting to analyze the specific
impacts of cyberthreats in different countries and
regions, as they may differ depending on local
conditions and policies. It is also important to
explore new technologies that can help identify
and counter cyber threats at an early stage.
Finally, developing effective strategies to
mitigate the damage from cyberattacks will be an
important step in strengthening cybersecurity at
the global level.
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