The impact of information sphere in the economic security of the country: Case of Russian realities

Okhrimenko, Igor; Stepenko, Valery; Chernova, Olga; Zatsarinnaya, Elena Article The impact of information sphere in the economic security of the country: Case of Russian realities Journal of Innovation and Entrepreneurship Provided in Cooperation with: Springer Nature Suggested Citation: Okhrimenko, Igor; Stepenko, Valery; Chernova, Olga; Zatsarinnaya, Elena (2023) : The impact of information sphere in the economic security of the country: Case of Russian realities, Journal of Innovation and Entrepreneurship, ISSN 2192-5372, Springer, Heidelberg, Vol. 12, Iss. 1, pp. 1-18, https://doi.org/10.1186/s13731-023-00326-8 This Version is available at: https://hdl.handle.net/10419/290312 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. 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If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by/4.0/ The impact ofinformation sphere intheeconomic security ofthecountry: case ofRussian realities Igor Okhrimenko1*, Valery Stepenko2, Olga Chernova2 and Elena Zatsarinnaya3 Introduction For the modern world economy, the interconnectedness of subjects, both private business and the state, is aimed at meeting their own needs and ensuring sustainable development. This is confirmed by the common efforts to introduce innovations that can improve the production and consumption of those services, products that provide tangible or intangible benefits. However, such actions can be carried out only if the security of conducting the processes of economic transactions is ensured. At the same time, the Abstract Novel information technologies have facilitated not only the development of new industries, but also brought new opportunities and challenges. The range of challenges includes threats related to the information security of not only the commercial, but also the public sector of the national economy, which can adversely affect its stability and competitiveness. In view of this, the problem of ensuring information security (IS) in the economic sphere is of particular relevance. Despite the abundance of studies on IS, the impact of the information sphere on the country’s economic security has not yet been sufficiently studied. The purpose of this article was to identify and systematize threats posed to economic security by the information environment and determine a set of measures to protect the areas at risk. Within the framework of the study, two interrelated models were built. The first systematized the IS threats and challenges, whereas the second demonstrated those IS threats that are directly connected with the state’s economic security. At the same time, the models developed allowed focusing on the protection of objects potentially under threat. The research quintessence was represented by the development of recommendations directed at preventing and minimizing the negative impact of information sphere threats to economic security. Hence, a diversified ecosystem of information and economic security of the state was created. The study findings and recommendations can be used by officials of government bodies and other organizations to develop regulatory documents related to the strategy of ensuring information and economic security at various levels (state, regional, corporate). Keywords: Security strategy, Information security, Information and communications technologies, Cybercrime, Informatization Open Access © The Author(s) 2023. Open Access This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article’s Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article’s Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http:// creativecommons.org/licenses/by/4.0/. RESEARCH Okhrimenkoetal. Journal of Innovation and Entrepreneurship (2023) 12:67 https://doi.org/10.1186/s13731-023-00326-8 Journal of Innovation and Entrepreneurship *Correspondence: [email protected]; ivokhrimenk[email protected] 1 Department of Insurance and Social Economy, Financial University under the Government of the Russian Federation, Moscow, Russian Federation 2 Department of State Legal Disciplines, Pacific State University, Khabarovsk, Russian Federation 3 Department of Financial Control, Analysis and Audit, Main Control Department of the City of Moscow, Plekhanov Russian University of Economics, Moscow, Russian Federation Page 2 of 18 Okhrimenkoetal. Journal of Innovation and Entrepreneurship (2023) 12:67 understanding of security for each country is unique in terms of its own national security policy (Hacker etal., 2018). Meanwhile, in recent decades, given the ongoing globalization and economic integration, the relationship between the economy and national security has become increasingly interlinked. The open and interconnected nature of most economies creates risks from potential internal and external threats. Consequently, the country’s economic security has emerged as an important strategic priority for its government (Retter etal., 2020). Geopolitical instability, cyclical exchange rate fluctuations, the recession of the global and national economies, the halt of entire sectors of the economies caused by both previous global economic crises and the COVID-19 pandemic, structural dysfunction of certain economic sectors against the backdrop of sanctions pressure as a result of the military conflict with Ukraine (where the full economic damage cannot yet be assessed due to the ongoing processes of military confrontation)—all these factors adversely impact the country’s economic activity. Military action especially raise the state’s economic security to a new level of concern, since military instability and armed conflicts directly affect the quality of life of the population, the satisfaction of its needs and the possibility of financial planning, at least at the level of households, and at the level of the entire state. Thus, in order to reduce the risk of disasters, increase public and social protection, the security of the country’s economy is an integral structural component of the national security system (Gontar etal., 2019; Metelev etal., 2016; Nicola etal., 2020). Information has become one of the crucial factors affecting the development of the global and regional economies. However, information technologies have brought not only new opportunities, but also challenges and threats. Therefore, within the framework of economic resilience, data security acquires particular importance (Skripina, 2016). Many states are seriously concerned about information security (IS) issues, including those of information storage and non-disclosure. This has led to the emergence of a new “economy of secrecy” concept when secrecy shapes interstate relations by tuning the ratio of “knowledge” and “ignorance”. The economy of secrecy involves cooperation between states in certain areas that affect their international image and that constitute a matter of national security: the fight against terrorism, the methods of combating which are undesirable for public opinion. That is, perception and representation are linked to the economy of secrecy: precisely because states want to be able to control their image and influence the perception of other actors, they are willing to maintain a certain level of secrecy in their relations with other states (Balzacq & Puybareau, 2018). In the context of a modern state, the information space, as one of the sources of vulnerabilities and an object of IS, performs numerous constructive and destructive functions and directly impacts the country’s economic security. Among the constructive, on the one hand, we can include the mobilization of society in the face of a common threat to security, while on the other hand, this provides opportunities for the dissemination of propaganda. On the other hand, the security of the information space can also be destructive due to the insecurity of individual components, which can serve as the basis for the success of various kinds of data leaks and sabotage from outside (Barannik etal., 2019). Transition to the information society has dramatically changed the status of information resources. Today, information processes affect many economic sectors and spheres of activity, including health and safety, education, Page 3 of 18 Okhrimenkoetal. Journal of Innovation and Entrepreneurship (2023) 12:67 science, culture, quality of life, and socio-political sphere (Svetlakov & Glotina, 2018). Technologization, digitalization (transition of the economy and the social sector to digital technologies of functioning and interaction), and the national intellectual capital are the basic country’s competitive advantages that require proper IS (Frolova etal., 2018). By controlling the information flows and data delivery, the government can control social and economic processes. That is why modern technologies of economic confrontation are moving to cyberspace. The state’s cyber power is characterized by the country’s ability to use cyberspace for its own benefit and obtain the ability to influence various domains, including the economic one, thereby endangering its own economic security (Cheskidov, 2013). Having such trends, it is necessary to correctly assess the risks of their application. This is especially true for countries with a large sales market and resource-based economies. In the context of this study, Russia is of interest as a country that, due to its current political and economic activities, is trying to painlessly establish the process of transition to a new type of management, solving the issue of increasing its competitiveness in the world market. At the same time, in view of the continuing technological backwardness in the regions, Russia needs to intensify its digital security policy in order to ensure the smooth operation of agriculture, industry, and the service sector (Petrenko, 2018b). This is especially true against the background of such threats as the negligence of the management of industrial spies, information sabotage (hacker attacks) associated with the dissemination of possible fake information, manipulation of personal data, sanctions restrictions, etc. Given these factors, in order to guide the further progressive development of the information society in Russia, the foundations were laid for the formation of a digital economy, marking the beginning of the intensive use of modern digital technologies by government organizations, businesses and citizens (Popov & Semyachkov, 2018). The question remains in the implementation of the adopted strategies. That is why the importance of the study is explained by the search for optimal options for responding to problems affecting the economy and its competitiveness, followed by the development of a system for evaluating actions to level the threats to economic security from the information environment and determining a set of protective measures, while simultaneously developing relevant ways to monitor new risks and threats to the national economy, especially those industries that are strategic. This assessment of the threat of challenges to information security is the subject of this study. The purpose of the study is to identify and systematize threats to economic security from the information environment and to determine a set of measures to protect risk zones. In view of this, the article aims to identify and systematize threats information environment poses to economic security and determine a set of measures to protect the areas at risk using the state of affairs in Russia as an example. This goal can be achieved after the solution of the following tasks: 1. Identify the challenges and threats to the IS of the country; 2. Highlight the information sphere threats that can directly affect the economic security of the country; 3. Determine a set of measures to protect economic security. Page 4 of 18 Okhrimenkoetal. Journal of Innovation and Entrepreneurship (2023) 12:67 Literature review Speaking of a strategy for ensuring economic security, it should be based on a structural–functional approach and provide for the setting of strategic and tactical goals, as well as criteria—quantitative indicators that determine the degree of achievement of goals. However, the successful application of this approach cannot be implemented without a clear understanding of the theoretical basis of economic security and its derivative components, including informational, which intersects with the topic of this study. The same cybersecurity allows you to maintain the proper level of economic calculations, which is essential to maintain the stability of the entire economic system, and any failure to inform about the current situation can lead to unpredictable consequences (Senol & Karacuha, 2020). Nevertheless, to date, no single and generally accepted meaning of the economic security of the state exists. Murdoch etal. (2001) believe that economic security must meet two main conditions: (1) the preservation of the country’s economic independence and the ability to make decisions concerning the economy pursuing its own benefit, and (2) maintaining already achieved living standard and the potential for its further improvement. Peppers (2017) argues that the basis of the country’s economic security holds the entrepreneurial security and free-market system (heterogeneous and dynamic complex adaptive economic system, where activities are spontaneous, adaptive, decentralized, leaderless, and self-organizing). Economic security is also referred to as the security of economic relations that greatly influences the development of the country’s economic potential and ensures its increasing economic growth, which also contributes to the enhancement of the country’s independence and defense capability in the economic sphere (Amirov etal., 2018). In the meantime, some scholars define economic security as a protection of the vital interests of a person, society and the country in the economic sphere from internal and external threats to ensure sustainable economic development of the state and society (Metelev etal., 2016). From the point of view of the state, such a paternalistic concept in the form of a policy of protectionism in economic life is typical for Asian countries or countries with a resource-based economy, such as Russia and China. The essence of the economic security of the two countries began to form and implement only in the latest period of their history in the context of a sharp transformation of socio-economic relations. At the same time, in Western countries, the concept of economic security is still used mainly in relation to ensuring the protection of individuals and companies from adverse conditions and factors associated with the presence of certain financial problems. In the legislation of many Western countries, including the United States, the concept of "economic security" is practically not used. When it comes to ensuring the protection of national interests in the economic sphere, these issues are considered together with issues of national security (Snegovaya, 2017). Jankovska etal. (2018) propose one of the most detailed definitions of economic security, describing it as a process of ensuring sustainable and safe economic system development where the economy is able to solve the following tasks: – Ensure national economic and energy independence and sovereignty; – Effectively meet the material needs of a person, society and the country; – Maintain the required level of social and political stability of society; Page 5 of 18 Okhrimenkoetal. Journal of Innovation and Entrepreneurship (2023) 12:67 – Create conditions for the harmonious development of economic contacts; – Protect domestic and foreign markets; – Protect all forms of ownership; – Ensure the stability of the national economy under conditions of unforeseen worsening of international economic relations; – Ensure the national economy’s resilience to natural and human-made disasters or various types of armed conflicts; – Eliminate criminal organizations’ impact on the economy. The Strategy of Economic Security of the Russian Federation until the year 2030, published in May 2017, describes economic security as the preservation of national sovereignty by the defense against external and internal threats. At the same time, the provision of IS it defines as the implementation by state authorities, local governments and the Central Bank of the Russian Federation in cooperation with civil society institutions of a complex of political, organizational, socio-economic, informational, legal and other measures to counter economic security threats and challenges and protect the interests of Russia in the economic sphere. The information sphere also acts as a specific carrier of safety concerns to the country’s economic security. In modern conditions, informational impacts on economic processes are becoming more and more aggressive. Hence, cosmic economic losses may occur, for example, when negative information through the impact on stock markets causes a decrease in enterprises’ capitalization, which in this case may be bought at a reduced price. An enterprise’s competitiveness can also be harmed by means of adverse information dissemination with the aim of creating a negative image of one’s competitor (Kosovets, 2011). At the global level, information attacks tend to develop into organized cybercrimes, and even cyberwars. Pursuant to the research conducted, the number of cybercrimes in the economic sector is increasing every year, both in the Russian Federation and around the world. Cybercrime is one of the global problems of the modern information community (Khochueva & Shugunov, 2020). An additional point that merits mention is the spread of hoaxes, fakes and hate speech through information technology, primarily through websites and social networks. Hoaxes and fakes are often politicized and modified in favor of both economic and political interests. As a means of furthering specific political interests, their active spread may potentially threaten national security and stability (Gunawan & Ratmono, 2020). In recent years, organizations large and small are exposed to more frequent and severe threats in the digital environment, which affects their economic security. From an economic point of view, such threats can affect the reputation of organizations, the financial component, damaging their competitiveness, undermining their innovation efforts and market position. Such threats can compromise the availability, integrity, or confidentiality of the information systems on which economic activity is based (Scott, 2004). Moreover, one of the challenges for the country’s information and economic security is the leakage of not only classified state information, but also corporate, primarily represented by unique technical data required for the development, production, supply, and use of products or services. Such a leakage negatively affects companies, related industries, and the whole country (Na etal., 2019). According to the National Industrial Security Page 6 of 18 Okhrimenkoetal. Journal of Innovation and Entrepreneurship (2023) 12:67 Center, South Korea faces over 100 cases of data leakage incidents every year, 86% of which occur in small and medium-sized enterprises. In particular, from 2013 to 2018, 637 such incidents were registered by the local authorities (National Industrial Security Center, 2018). Along with the significant benefits, information technology brings complex problems related to e-government and IS management (Huang & Farn, 2016). Thus, managing the effective security of personal citizens’ data located in computer networks has become a strategic business and public policy issue for the state’s economy and IS (Hemphill & Longstreet, 2016; Peleshchyshyn etal., 2018). Due to rapid technological development and growing dependence on information and communications technology (ICT), most infrastructure facilities critical for the national and economic security of the state (energy, transport, communications, financial services, etc.) are now operated, managed and/or controlled via interconnected computer networks and information flows. In view of this, they have become critical information infrastructures (CIIs), the protection of which is among the country’s priority tasks (Newlove-Eriksson etal., 2018). Today, the matter of IS improvement comes to the fore due to the enhanced number of cyberattacks on information systems of financial structures, government agencies, and industrial manufacturing complexes (Fedotova etal., 2019). According to the data provided by the Russian National Coordination Center for Computer Incidents, in 2018, more than 4.3 billion cyberattacks to the critical information infrastructure (CII) of the Russian Federation were revealed (mainly on banks and government bodies) (Bareiko & Kozhukhina 2019). In general, IS means ensure the confidentiality, integrity, and availability of data, as well as accountability and confidence that all processes are carried out according to the approved protocols (White etal., 2019). Its central aim is timely detection and further prevention of IS threats and incidents (Boranbayev etal., 2018). IS is ensured through the implementation of a complex set of policies, procedures and organizational structures that have dynamically evolved over the last decade owing to the rapid globalization and IT-based business processes expansion, which include both institutional development (creation of structural units responsible for information security, clusters of data protection and digital infrastructure) and the adoption and updating of doctrines regarding the legal regulation of information protection, including technical guidelines for data protection and structuring models (Cristea, 2020). Improper risk analysis may potentially result in the failure of IS systems (Alavi etal., 2016). State-of-the-art literature uses many different terms to describe information security. These are “Information Systems Security”, “IT Security”, “Cyber Security”, and “Cyber Resilience” (Diesch etal., 2018). The terms “cybersecurity” and “information security” are often used as if they are synonyms (Luiijf etal., 2013). Recently, the words “digitalization”, a derivative of “digital security” with “informatization”, can also be called synonymous, they are in any way associated with a set of measures aimed at digitalizing the activities of an organization, enterprise, etc. (Mansurov, 2021). Although von Solms and van Niekerk (2013) argue that IS is about protecting information as an asset, in physical or non-physical form, while cybersecurity is concerned with protecting both information and non-information assets through the ICT infrastructure. Information assets are, in fact, an integral part of such an infrastructure, so both terms should be considered Page 7 of 18 Okhrimenkoetal. Journal of Innovation and Entrepreneurship (2023) 12:67 identical (Azmi etal., 2016). As a result of the analysis of 28 authoritative sources presenting the notion of “information (or cyber) security”, Schatz etal. (2017) have derived a generalized definition of this concept. Researchers describe IS as the approach and actions associated with security risk management processes followed by organizations and states to protect confidentiality, integrity and availability of data and assets used in cyberspace. They also state that this concept includes guidelines, policies and collections of safeguards, technologies, tools, and training to provide the best protection of the cyber environment and its users. The problem of ensuring the economic and information security of the Russian Federation, including in terms of information and other technologies, is of particular concern due to the globalization of the world economy and the country’s integration into the international economic system (Metelev etal., 2016). Today, Russia is experiencing growing risks of rapid informatization, vividly manifested in harming various spheres of society and the state actions classified as criminal due to their danger. In the context of the formation of a global post-industrial society, among many other problems of socioeconomic development of Russia, a prominent place is occupied by the organization of the sustainable functioning and safety of information systems and information communication networks (Bareiko, 2019). The Doctrine of Information Security of the Russian Federation approved by the Decree of the President of the Russian Federation on December 5, 2016, defines IS as the state of protection of the individual, society and the State against internal and external information threats, allowing to ensure the constitutional human and civil rights and freedoms, the decent quality and standard of living for citizens, the sovereignty, the territorial integrity and sustainable socio-economic development of the Russian Federation, as well as defense and security of the State (The President of the Russian Federation, 2016). The IS of Russia at various levels (federal, regional, corporate) is represented as a subject for investigation in many studies. As a result, a considerable number of scholars have already reviewed the organizational, legal, and technical aspects of this concept. Frolova etal. (2018) describe an IS system as a set of corporate rules, work standards, and security procedures based on an audit of a company’s information system and an analysis of existing security risks that follow the requirements of regulatory documents of the Russian Federation and the IS standards provisions. After a comprehensive investigation of Russia’s economic and information security, the authors conclude that the most important area of development of the national economy is the protection of vital human interests, the key element of which is IS. Cheskidov (2013) has reviewed information warfare as a means of economic confrontation in cyberspace and defined it as a set of measures to achieve information superiority by influencing the information, information processes, information systems, and computer networks of the enemy while protecting the same aspects of one’s own country. Fedotova etal. (2019) have examined the transformation of existing IS systems of large enterprises in the context of the ongoing digitalization of the national economy of the Russian Federation and distinguished several security problems of online systems associated with its implementation. Many works are devoted to the technical aspects of ensuring the IS of the state, region, or even the enterprise. Arutyunov (2017) has systematized and compiled a list of all Page 8 of 18 Okhrimenkoetal. Journal of Innovation and Entrepreneurship (2023) 12:67 current Russian IS standards and distinguished clusters of standards that allow evaluating the maturity of used technologies in various IS areas. In the meantime, Tsaregorodtsev etal. (2018) have developed a methodology for assessing information risks while using cloud technologies and substantiated the need to use private clouds with a high degree of protection. Concentrating on the problem of creating a cybersecurity system for critical state information resources, Petrenko (2018a) has synthesized early warning and opponent deterrence scenarios in the cyberspace of the Russian Federation on extremely large volumes of structured and unstructured information from a variety of sources (Internet/Intranet and IIoT/IoT). In turn, Yankovskaya etal. (2016) propose to build a hybrid intelligent system of express-diagnostics of IS system intruders based on a synergy of several sciences and scientific areas: test pattern recognition, discrete mathematics, threshold and fuzzy logic, artificial intelligence, and others. A study by Begishev etal. (2019) is devoted to legal problems connected with the development of new government approaches to ensuring the security of CII in the context of the existence of threats to their IS, including computer attacks. The authors note that the security of CIIs directly depends on the accuracy of decision-making in countering computer attacks as well as on the speed and effectiveness of the actions taken. Moreover, they remark that the norms of the criminal legislation on liability for unlawful influence on the CII of the Russian Federation should be modified and tightened. Examining the legal issues of ensuring international IS, Khaliullin (2018) indicates that the IS of the Russian Federation is its integral part. He argues that the effectiveness of such legislation is determined by methods and characteristics of the criminal space, as well as the average number of cybercrime offenses. At the same time, no common position is shared by countries in fighting cybercrime, which is predetermined, among other things, by the different levels of information technology penetration. Despite the abundance of studies devoted to IS, the impact of the information sphere on the country’s economic security, in particular, on that of the Russian Federation, has not yet been sufficiently studied. Unlike Russian researchers, Western colleagues began to focus more on the technical part of the problem in order to develop a policy in the field of using information to ensure economic security. These are the problem of data leakage, the management of online systems with big data processing (Albeshri & Thayananthan, 2018) and the practice of combining operational backbones or digital service platforms by interested stakeholders (Sebastian etal., 2020). These approaches affect broader corporate governance and compliance issues. Western experts are more focused on how firms or governments might have to think about their IT security investments at the public–private partnership level (Chatterjee & Sokol, 2019). At the same time, many researchers from Russia are limited only to forecasts regarding the consequences of the introduction of the digital economy for the population, organizations, and authorities. Considering the novelty of the digital economy and security policy during digital transformation, few studies are devoted to the analysis of the results of the past years in the field of monitoring the risks associated with the manipulation of information and its role in changing economic indicators. It should not be forgotten that potential digital transformation is a more complex type of technology-based transformation of business or public sector than, for example, some kind of reorganization, which requires rethinking the strategic roles of new digital technologies and the opportunities for successful Page 15 of 18 Okhrimenkoetal. Journal of Innovation and Entrepreneurship (2023) 12:67 The widespread application of ICT broaches the subject of how best to define a cybersecurity strategy that would effectively work for the benefit of the government, economy, and civil society. An effective cybersecurity strategy must balance the accepted norms of a country with the opportunities presented by the internet. From one side, the internet is deemed a disruptive technology that puts into question many generally accepted norms of public policy, business, and civil society. However, from the other side, the government is to level this danger with the openness of the internet and free information flow. While a strict security policy ensures stability, it may also reduce the potential information technology benefits (Azmi etal., 2016; Glushkova etal., 2019). Using the example of scandals involving the use of personal data of individuals and legal entities on the part of social networks, the inconsistency of authorities is costly for potential victims of all kinds of personal data leaks. The issue of institutionalization and good governance should again become a matter of improving judicial practice regarding information security that affects the general welfare (Park, 2019). Therefore, it should be emphasized that the state`s policy in relation to the information agenda regulation should be flexible. However, when pursuing such a policy, it should be understood that ensuring the cybersecurity of economic activity is a complex task and requires many resources in providing a crisis response strategy. And the importance of learning to counter such threats should be paramount, whether it be private or public (Schilling, 2017). With a stable consensus of interests of the state, business and civil society, the learning process should also be made its continuity in order to maintain all the necessary conditions for the stable provision of information security. Conclusions The present research was conducted in three phases. The first phase focused on collecting, summarizing, and systematizing IS threats as well as on defining objects that can be affected by them (government bodies, businesses, etc.). Based on this data, a model of IS has been presented, where all of them were distributed into two types—internal and external ones. In the second phase, the revealed IS threats and challenges directly connected with the country’s economic security were identified and derived into a separate model (they were also categorized according to “internal/external” indicator). In the final phase of the study, based on the model of IS threats to the country’s economic sphere, general recommendations were developed to overcome or at least minimize each of the model’s threats. The developed model of economic security challenges and threats posed by the information sphere provides one with the opportunity to thoroughly examine potential gaps in the state’s economic security. Based on the analysis of these vulnerabilities, practical recommendations in the form of necessary measures to prevent and minimize the negative impact of threats to economic security from the information sphere were developed. The study findings and recommendations can be used by officials of government bodies and other organizations to develop regulatory documents related to the strategy of ensuring information and economic security at various levels. Besides, other researchers in the field may apply the model offered as a basis for identifying quantitative and qualitative indicators determining the security level for each of the threats distinguished as well as for assessing the effectiveness of measures proposed. Page 16 of 18 Okhrimenkoetal. Journal of Innovation and Entrepreneurship (2023) 12:67 This research was limited to the theoretical analysis of IS threats and challenges posed to economic security and the general nature of the proposed measures. Future work in this field will be focused on the identification and analysis of indicators that allow defining the economic security level, evaluating the effectiveness of measures proposed in this paper, and a more in-depth examination of IS measures, in particular, from the perspective of the implementation level (federal, departmental, regional, corporate) and plan. In case of successful application of such developments, interested entities in the form of countries and regions will have the opportunity to form a sustainable infrastructure capable of ensuring the integrity of information security for the benefit of the development of the national economy, while adequately responding to new challenges. Acknowledgements Not applicable. Author contributions Conceptualization, IO and VS; methodology, OC and EZ; software, OC; validation, VS, IO, EZ; formal analysis, IO; investigation, VS; resources, EZ; data curation, OC; writing—original draft preparation, EZ; writing—review and editing, IO; visualization, VS and OC; supervision, EZ; project administration, IO; funding acquisition, EZ. Funding This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors. Availability of data and materials Data will be available on request. 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