Possibilities and risks of digitalization of the economy and society

Abstract

The article analyzes how the digitalization of the economy and society affects the ensuring their sustainable development. The advantages of the process include its stimulating nature, the possibility of the emergence for new areas of activity, the greening of production processes with a decrease in their resource intensity, an increase in the rate of culture exchange, the forma- tion of new institutions that globalize the economy and ensure an increase in its efficiency. However, there are many risks that accompany the process. They are a decrease in information security, the payment systems risks with an issue of the compliance, and also the possibilities for manipulating public consciousness, and victimizing people and enterprises as well as an increase in the likelihood of global cyber-attacks. All of those matters require close interaction between politics, business, academia and civil society. The digitalization development pro- cesses should serve the society, development taking into account systemic risks.