Financial Technologies As Tool For Ensuring Financial Security And Managing Enterprise Finances


The article presents the overlay of the theory of economic security on control and management elements at various levels of management. Financial security differs from economic security by the absence of perception of individual elements of regulation and the interpretation of the problem directly in monetary terms, namely, the availability of financial resources to level the problem. The study examines the concept of financial security from a high level of ensuring the economic security of the state and from the point of view of controlling the security of an individual economic entity. Based on the fundamental principles laid down in the Strategy of economic security of the Russian Federation for the period up to 2030, the authors formulated the tasks of maintaining and improving the reliability of the financial system of the enterprise with a consistent assessment of threats to the financial security of the enterprise. Modern financial technologies that are used by enterprises to ensure effective financial security of the organization, to increase business mobility, and to reduce fixed costs through digitalization and modernization of the organization's production processes are named. The authors emphasize that special methods for achieving solutions to prevent and eliminate threats should provide digital guarantees for services producers and digital security, which the enterprise implements at the level of each functional zone. The arguments presented in the article allow us to delimit the subject of financial security of the state and the financial security of an individual enterprise.

Keywords: Economic securityfinancial security of the enterprisefinancial technologiesfinancial systemsecurity threats


Organization of activities of individual enterprise, ensuring the development of the industry, that is a part of the system of the national economy, or strengthening the protection of national economy against internal and external threats and ensuring the economic sovereignty of the country involves using a set of tools for the implementation of measures. These measures are aimed at ensuring economic security as one economic entity, and at the implementation of the tasks of national country's security that is included in the "Strategy of economic security of the Russian Federation for the period up to 2030", approved by the decree of the President of 13.05.2017 No. 208 (hereinafter Strategy).

Terminological agreement is achieved when economic security is perceived as ensuring monitoring and protection of the object from emerging threats. At the same time, the object of security can be an enterprise, industry, or national economy. The economic security of the enterprise will be implemented in ensuring the safe and uninterrupted operation of various control centers of the enterprise's economy elements. Industrial economic security will obviously include monitoring and regulating the activities of a group of entities with identical activities types.

Components of the national economy represent the system formation as a set of industries that provide sustainable growth in gross domestic product produced in all sectors of the economy in the country for consumption, export and accumulation. The economy contributes to the maintenance of life quality of the population. Hence, ensuring national economic security is the implementation by state authorities, local self-government bodies and the Central Bank of the Russian Federation, in cooperation with civil society institutions, of a set of political, organizational, socio-economic, informational, legal and other measures aimed at countering challenges and threats to economic security and protecting the national interests of the Russian Federation in the economic sphere. The strategy mentioned above is aimed at the perception of the national economy, and the main content is devoted to ensuring the economic security of the country. Subparagraph 1 of paragraph 7 of section I of the strategy contains a definition of "economic security". It means protection of national economy from external and internal threats, which will ensure country's economic sovereignty, the unity of its economic space, conditions for implementation of strategic national priorities of the Russian Federation (Strategy of economic security of the Russian Federation for the period up to 2030).

The substantial evolution of economic security in the observed historical period of development of this concept dates back more than a century. Researchers have highlighted the origin of the concept of security on a national scale since August 14, 1881, when the Imperial Edict of Alexander III approved the State Regulation on measures to protect state order and public peace, where the term state security was used for the first time (Unizhaev, 2018). In 1904, on another continent, the term national security was already used in President Roosevelt's message to the US Congress (Unizhaev, 2018). Logical extrapolation of the economic security concept based on the principle from a global system to an elementary unit allowed us to talk about the relations of elements and to bring the terminology of economic security to the subject level.

Table 1 -
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Table 1 illustrates the specification of indicators for achieving the level of economic security from public to private in order to manage and control the state, industries, enterprise, personal property and finances. The general name of the indicator is presented in the paragraph 1. The specific name corresponding to the level of the group perception is presented in the corresponding paragraphs 2-4, consistent with the general name of each line.

Personal security certainly has a high value, because private finances have investment perspective for the enterprise, the standard of living of the population is one of the state indicators in accordance with the Russian strategy, as well as, simultaneously, the human factor is significant when evaluating the construction of a system of information, financial, traditional security. In the European Union, official sources divide personal security into economic and physical security for statistical purposes (Eurostat, 2020).

According to official European statistics, in a narrow sense, economic security can be defined as a person's ability to use financial resources if they are urgently needed. The concept of economic security can be expanded to cover the general vulnerability or resistance of people to such adverse situations, as well as the availability of support mechanisms - human and social resources - that provide protection to people in need, such as social security systems or assistance provided to family and/or friends (Eurostat, 2020). The ability to manage finances through temporary redistribution, bypassing the system of financial institutions or outside the employer-employee relationships, is expressed in C2C (consumer-to-consumer) technology - the provision of financial services (in the form permitted by law) by individuals to each other. Focusing on the purpose of describing the results of our reasoning at the level of economic security of the enterprise, it is necessary to outline the perimeter of reasoning within which we will further develop the idea.

Today, there are several theoretical definitions of the concept of economic security of an enterprise. Some authors proceed from the concept of threats and the need to protect against them, while others avoid these definitions, focusing on knowledge of the economics and management, which seems to us a different area of research. Here are some of them that include the meanings of protection, threats, and prevention. The classical concept of economic security of the subject is summarized as follows: the economic security of an organization or enterprise is a state of protection of vital interests of the enterprise from internal and external threats, formed by the management and staff of the enterprise through the implementation of legal, economic, organizational, engineering, and socio-psychological measures.

Having traced the development of the concept of economic security from the enterprise level to the national level, we will draw a parallel and agree on the definitions. In our opinion, the following definition is applicable to this context and logical: the economic security of an economic entity of an enterprise is the organization and support of a sufficient level of protection and prevention of threats that are potential or emerging in the following areas: supply of enterprise resources (personnel, financial, raw materials), ensuring the smooth functioning of production, taking into account external and internal economic factors; ensuring the integrity of the production mechanism; maintaining the level of financial stability; achieving commercial goals for profit; developing a competitive development policy, in the current legal regulation conditions.

It is obvious that the complexity of the concept of enterprise economic security implies management and control of all functional subsystems of the enterprise. Therefore, when analyzing the components of the economic security strategy, we have to consider the problem in a comprehensive way, since each subsystem of the enterprise cannot function independently within its entire activity. It is impossible to ensure the stability of activities based on a high organization of personnel support, while having a weak system of raw materials supply. Evaluation rules of the organization of economic security begins with an assessment of the legal regime of activities and the formulation of the strategic interests of commercial enterprises and their quantitative evaluation. Therefore, we conclude that the rules for determining the general ideology of achieving business goals, organizing tactics and measures to ensure economic security are nothing more than a component of strategic enterprise management. Developing this idea, we note that when developing measures that ensure the enterprise's activities, all management elements should be highlighted, appropriate resource plans should be thought out and adopted for implementation, as well as various target policies: financial, marketing, innovation, diversification and/or enterprise development, and others.

Problem Statement

In the general composition of the elements of economic security, the financial security component is the leading one. The financial potential of the enterprise is able to solve many problems that have a monetary equivalent. The financial stability of the enterprise, maintained at a certain level, is a high guarantee of ensuring the goals of the economic entity. All of this together determines the relevance of this study. Financial security is an element of the economic and an independent complex system, which is based on the principle of targeted use of financial resources and providing certain conditions for fast and efficient turnover of investments. Financial security of the enterprise, organized on the principle of prevention and reflection of external and internal threats, provides a minimum level of its financial protection and, ultimately, the existence of an economic entity. The threats are levelled if the financial condition meets the established parameters, constant monitoring of financial security and the formation of a set of preventive and control measures, which include the formation of priority financial interests and the creation of a system of necessary financial prerequisites for sustainable growth and development. A special role in the complex of effective measures is played by the use of modern financial technologies by enterprises.

Research Questions

This article allows us to find answers to the following questions: How is the system of economic security perceived on elements of management and control at various levels: national, industrial, at the scale of a corporation or enterprise, and at the level of an individual as an economic entity? What do modern authors understand by economic security of an organization? What elements are included in the enterprise's economic security system? How does the financial security of an organization relate to its economic subject security? What does the financial security of an organization mean? What tasks are implemented by the national financial system and the financial system of an economic entity? What is the impact of modern financial technologies on the effectiveness of financial security of the enterprise? What threats should be removed to attract private investment? What modern financial technologies are built into the financial system of the enterprise? What does it mean to attract FINTECH solutions to level threats to economic security?

Purpose of the Study

The purpose of the authors' study in this article is an instrumental analysis of financial technologies and their role in financial security and management of financial resources of the enterprise. In the course of the study, the authors identified indicators for managing and controlling economic security at various levels: from the state to economic entities. Author's definitions of economic security of the organization concept and one of its subsystems (financial security of the company) were proposed. The competent opinions and experience of Russian and foreign researchers are taken into account. A roadmap is proposed for a one enterprise, which adapts the tasks of the national financial system to the level of the financial system of an economic entity. A set of solutions to prevent and repel certain threats will allow an economic entity to create a reliable system of financial security of the enterprise. The necessity of implementation by economic entities into their own business of current and advanced financial technologies, which represent the synergy of such activities as financial services and information technologies in the modern economy, is proved.

Research Methods

The extrapolation method was used to show trends in the development of financial security of the organization. This method is based on the study of historical factors in the formation of the concept of economic security, and, in particular, financial security in the meaning of managing state institutions. It is compared with the modern approach of Russian and foreign scientists. The used method and the competence of the authors allowed us to draw parallels and draw conclusions from the general to the particular. Firstly, we have adapted the tasks for implementing the direction of sustainable development of the national financial system in accordance with paragraph 19 of section III of the Strategy of economic security of the Russian Federation for the period up to 2030 to the level of perception of the industry and economic entities (Strategy of economic security of the Russian Federation for the period up to 2030). Secondly, the work identified the company's financial security objectives through the implementation of measures to maintain the financial system and strengthen the financial stability of the enterprise. During the study, the authors used an empirical observation method to collect information. To distinguish the private concept of financial security of an organization from the general concept of economic security of an economic entity, a combined approach was used to combine methods of information synthesis and analysis in the study. The methods of classification, generalization, and logical reasoning were also used in the work.


In our arguments, a range of main tasks is outlined, which include the following objects that fall within the field of regulation of the economic security system:

- legal certainty of enterprise activities: a full analysis of the legislation regulating a particular activity, from the point of view of the required licenses, permits, qualification certificates or other certificates for personnel, certification of workplaces, the requirements of labor protection and security, carrying out specific claims work with other entities, involvement in legal processes, including judicial, etc.;

- raw material resources base and the conditions of interaction with partners: a comprehensive analysis of studying of suppliers and contractors according to the article 54.1 of the Tax Code of the Russian Federation and the necessity of their actions implementation on the principles of due diligence in the selection of counterparties, identification of all owners and suppliers of raw materials, analysis of price and quality differences as well as analysis of financial and other stability-supplying organizations (Tax Code of the Russian Federation, Part I, 1998);

- market positioning of the subject: marketing analysis of the related market of all similar producers, studying the competitive environment and customer base, identifying its own target segment;

- staffing level skill: periodic study of intellectual capital and identification of human resources potential in the staff, identification of weaknesses and gaps in the knowledge of existing employees, updating professional knowledge of specialists, determining the possibility of outsourcing certain functions, justification for creating new jobs, implementation of an effective system of material incentives of employees, organization of labor protection and conditions, building a structure of security and protection of commercial secrets of the enterprise, focused on the human factor;

- technological equipment status and environmental compliance: analysis of the performance and safety of equipment, use of equipment of the environmental compliance level with modern requirements, timely replacement of outdated production facilities and implementation of innovative solutions;

- financial stability: planning budgets of income and expenses, as well as distribution of cash flows to ensure the life of the enterprise, managing the attraction and placement of financial resources, implementing a policy of resource turnover to ensure the financial stability of the enterprise;

- business security: this category includes physical security of the enterprise's personnel (both employees and leadership of the organization), real and movable property, various material resources, information databases that make up the enterprise's trade secret, prevention of possible illegal activities on the part of employees and third parties, maintaining the business reputation of the enterprise, compensation of material and moral damage caused as a result of illegal actions of intruders, organization and control of the functioning of the security system, ensuring its effectiveness.

Economic security is a broader concept than financial security. Despite the fact that the violation of any link of the enterprise as a result becomes a problem that must then be interpreted in monetary terms, the data obtained is only the size of the identified economic problem in monetary terms. At the same time, the influence of the identified factor on the company's financial security may be indirect or even imperceptible. However, a violation related to an environmental problem can be transformed into serious financial sanctions, which will certainly change the picture of the enterprise's financial condition. An example is the accident at the Norilsk Nickel enterprise that occurred on May 29, 2020, the damage from which was estimated by Rosprirodnadzor at almost 148 billion rubles, but according to experts involved by the enterprise, it was 21.4 billion rubles (Interfax, 2020). Surely, even the minimum amount is a serious damage, and is comparable to the annual budget of the entire city of Norilsk. It all depends on the specific problem.

At this stage, we have come to the security of managing the enterprise's finances. Financial security differs from economic security by the absence of certain regulatory elements. The range of financial security measures does not include working with an animated segment, technological objects, building and maintaining an ecological functional model, managing marketing tools, and building a market economy entity's own tactics.

In our opinion, the subject of financial security should include planning cash flows and controlling the circulation of funds of the enterprise, achieving and maintaining a certain structure of assets and liabilities of the organization, which allows you to maintain financial stability and the necessary level of liquidity.

The topic of problematics and prospects for the development of financial security in various sectors of the economy is reflected in the studies of foreign authors (Piotrowska, 2017; Scheubel et al., 2019; Sun & Xu, 2016). Nevertheless, the specifics of the national economy is certain and requires independent understanding of models of economic security within the country, taking into account Russian characteristics and foreign experience. Financial resources, payment transactions and cash flows management of an organization requires a competent approach to build the most profitable and rational design of the ratio of the development level of the enterprise and the forecast of implementation volume, the volume of its own money supply in national and foreign currencies, attracted credit resources or investments, timely fulfilment of obligations to personnel, budget, contractors, and other operational functions of finances. We suggest considering the concept of financial security from the point of view of state control of the level of economic security and from the point of view of the security of an individual economic entity. Referring to the Strategy of the Russian Federation up to 2030, which is constantly mentioned in this article, we will draw a parallel and formulate the tasks of maintaining and improving the reliability of the enterprise's financial system.

Table 2 -
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The above Table 2 in paragraph 2 is a road map for an individual enterprise, which interprets (reduces to the level of a separate enterprise that is part of the national economy) the tasks that will allow an economic entity to create a reliable and secure system. Individual elements (lines) of this table can be included in the labor functions in the form of solving control tasks included in the job description of individual leading employees of the company (or corporation).

Financial security in a company can be represented as components of a whole:

- security of the company's financial resources. The presence of local financial and legal documentation; introduction of financial technologies that implement the right to access financial information and the right to dispose of the company's finances; building a control system and implementing blockchain technologies to track the movement of finances; monitoring the receipt of financial funds in an amount sufficient to fulfill obligations and maintain a financial reserve;

- security of financial policy. A ban on financial transactions that are not relevant to the legislation; the prohibition of the ability to direct financial flows to addresses in the absence of full coordination with controlling structures of the enterprise; to minimize the possibility of abuse of financial resources of the company; ensuring the protection of the financial interests of the economic entity in the implementation of the financial relations, the presence of developed budget of the company funds; approval of the normal and the minimum (critical) level of economic entity' financial indicators;

- security of financial reserves. The presence of an economically justified reserve of funds and ensuring the composition of liquid property that can ensure the reflection of urgent threats provoked by internal and external negative effects, external financial expansion, attacks of information systems and databases, temporary paralysis or failure of financial technologies.

Modern financial technologies are innovations and developments introduced in the field of financial services that ensure operations with money, as well as making such services as convenient and accessible as possible for the majority of the population and business.

Financial management in compliance with the established level of financial security in the organization implies "adjustment" or adaptability of all components of this process to the requirements of local documents of the enterprise (corporation), which determine the basic rules for the flow of business processes in cash flow. Every enterprise inevitably consumes financial services from the banking, insurance, and public financial sectors. Financial technologies offered by these financial service providers meet the regulatory requirements of the state for their organization and functioning in the market space, and at the same time these technologies must meet the security requirements of a level acceptable to the client.

Financial technologies include processes that ensure the performance of a specific task through digital tools (special programs, necessary technological equipment). There is a whole set of professional terms that describe certain actions carried out through financial technologies: contactless payments, cryptocurrency, blockchain, P2P lending (or C2C lending-a service that allows an individual to take a loan from another individual without contacting banks), automatic financial advisors (consultants using a robot), Insurtech (financial and information technologies in insurance), Regtech (technologies aimed at meeting regulatory requirements and regulations), gostech (public services system), neobanks (virtual banks without physical client offices), equity crowdfunding (investments in the company in exchange for shares). There are much more terms, and here are some of them.

Financial technologies that was implemented and successfully applied by various financial and government institutions created a synthetic (or hybrid) line of activity based on such areas as financial services and information technologies. The digitalization of the economy brought into circulation elements of financial technologies: Big Data (big databases) management and analysis of a large database, mobile technologies, artificial intelligence and machine learning, biometric systems, distributed ledger technology (DLT), cloud services, automation and robotics (The main directions of information security of the credit and financial sphere development for the period 2019-2021, (approved by the Bank of Russia), 2019).

The development and presence of financial technologies in the digital environment and information-rich atmosphere is logical and manifests itself clearly in the development of the global economy FinTech. State institutions of various countries pay attention to the development of the technological sphere and use the results to strengthen national security. For example, in the USA, it was announced that the US Department of Homeland Security is committed to using advanced technologies and scientific talent to create a safer country (Bullock et al., 2018). Thus, the Science and Technology Department (S&T) was formed, which still exists nowadays, despite many iterations of organizational changes of DHS USA (Bullock et al., 2018).

On the other hand, financial flows that move between companies at the transnational level may not meet state policy and may be undesirable in certain areas or for certain categories of legal entities. For example, in 2012, the Federal law of 12.01.1996 N 7 "On non-profit organizations" amended changes, thanks to which the concept of "Organization performing the functions of a foreign agent" appeared in domestic legislation (Federal law of 12.01.1996 N 7 "On non-profit organizations"). In n. 6 of article 2 of this law, a non-profit organization performing the functions of a foreign agent in this Federal law is a Russian non-profit organization that receives funds and other property from foreign countries, their state bodies, international and other sources associated with foreign countries. The organisation also participates, including in the interests of foreign sources, in political activities carried out on the territory of the Russian Federation. Russia is not the only state that stops the financing of undesirable activities from abroad. On the one hand, most governments do not impose any restrictions on foreign direct investment (Reinert, 2012). On the other hand, a wide range of approaches emerged regarding capital inflows and investments from abroad: from free inflows (except when capital inflows threaten national security) to very strict restrictions related to protectionist policies (Kordos & Vojtovic, 2016).

In Russia, the FINTECH market has been growing rapidly in recent years. The entering of FINTECH technologies occurs in all areas, but it is financial organizations that occupy leading positions in terms of using innovations. It is logical that banks use digital technologies to offer a convenient and profitable product, which allows them to retain existing customers and attract the new ones.

Indeed, by choosing financial services based on embedded financial technologies, each company or individual should strive to ensure the security of private financial resources. Digital guarantees that can be provided by services producers, digital security that the enterprise implements at the level of each functional zone, are a mandatory object, with a set of financial security tasks that require special solutions. Issues related to the perspective of data security and confidentiality are discussed in scientific publications of foreign authors (El Alaoui & Gahi, 2020; Talha et al., 2019; Tao et al., 2019; Tawalbeh & Saldamli, 2019; Xiao & Guo, 2020).

Digitalization of all business sectors has led to the need to introduce the concepts of digital etiquette, digital office management, and digital security. Maximum digitalization of the company's business processes will lead to the concentration of the financial security system at the digital level of the company's activities. The organization of building a digital safe environment will allow the enterprise to manage security and to control the entire digital segment without additional elimination of the influence of individual factors that are not included in the digital space.


The key findings of the evaluation:

-the author's scheme of adaptation and perception of the economic security system to the elements of management and control at various levels: national, industrial, at the scale of a corporation or enterprise, and at the level of an individual as an economic entity is suggested;

-the author's definition of the concept of economic security, which is a strategic component of the organization's management, is given;

-the subject of financial security of the organization is described and the subordinate relationship of financial security embedded in economic security is established;

- based on the formulated state tasks of the national financial system, the author's scheme of the financial system of an economic entity is suggested, the elements of which can be included in the labor functions included in the job description of individual leading employees of the company (or corporation);

-it describes the main financial technologies used in modern business processes of financial systems of organizations, which must both optimize the calculation models used in the company and meet the security requirements of a level acceptable to the client.

The development of building an effective financial system that meets the requirements of a given level of security for each economic entity depends on the development of financial technologies as tools. Synthetic knowledge of digital systems, economics, and financial law allows to create a scientific justification for emerging threats to the economic activity of enterprises, both legal and technological. Thus, in modern conditions, theoretical descriptions of structures are based on the practice of the obtained conclusions. To theoretically anticipate future technological changes for the enterprise economy or to define a new related concept in a legal discipline will turn any article into science fiction. The limitation is the extraction of theoretical concepts at the moment of the practical implementation.

Further research can be carried out in order to implement the suggested recommendations in the activities of specific economic entities, in the development of employee competencies, as well as in legal disciplines that allow certain concepts to be legally applied without variation in interpretation. To do this, it is necessary to collect and analyze actual data on the presence of an implemented and functioning financial security system in organizations, the volume of modern financial technologies used at the enterprise, and the preferences achieved with their help in the field of financial security. Currently, statistics on these data are not available. Future studies in this area will allow us to clarify and/or complement the objectives of the company's financial security formulated in the study and to identify the real effect of the enterprise security’ system model suggested in our study.

This study justifies the need to use modern financial technologies in building the financial system of the enterprise, outlines the initial tasks of building financial security at the enterprise and explains its place in the system of economic security of the subject. The results of the study allow us to form a position on the importance of the category of economic security of an individual entity, develop an individual approach in building financial security based on financial technologies and guidelines for the company's investment attractiveness, and justify the requirements for a set of competencies and digital literacy of the company's management apparatus.


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Knyazeva, N. V., & Pavlova, K. S. (2021). Financial Technologies As Tool For Ensuring Financial Security And Managing Enterprise Finances. In S. I. Ashmarina, V. V. Mantulenko, M. I. Inozemtsev, & E. L. Sidorenko (Eds.), Global Challenges and Prospects of The Modern Economic Development, vol 106. European Proceedings of Social and Behavioural Sciences (pp. 276-289). European Publisher.