RISKS AND RESILIENCE OF VIRTUAL COMPANIES IN THE DIGITAL ECONOMY: CHALLENGES FOR UKRAINIAN BUSINESS
Abstract
The rapid expansion of the digital economy has fundamentally transformed the nature of business organization, giving rise to a new type of enterprise — the virtual company — which operates without traditional physical infrastructure, relying instead on digital platforms, cloud technologies, and geographically distributed teams. For Ukraine, whose IT sector has demonstrated remarkable resilience during the full-scale war and whose businesses have been forced to accelerate digital transformation under extreme conditions, understanding the risks and resilience mechanisms of virtual companies is of particular practical importance. The purpose of this article is to systematize the key risks associated with virtual companies in the digital economy, analyze the specific challenges facing Ukrainian business, and develop practical recommendations for strengthening resilience. The research employs general scientific methods including analysis and synthesis, classification, comparative analysis, and a systemic approach to the study of economic phenomena. The article examines the theoretical foundations of the concept of virtual companies, tracing its evolution from early network organization theory to contemporary digital platform models. A comprehensive classification of risks is developed, encompassing cybersecurity threats, operational risks related to distributed team management, legal and regulatory risks arising from cross-border activity, and strategic risks linked to dependency on digital infrastructure. The Ukrainian context is analyzed through the lens of wartime conditions, which have simultaneously accelerated digitalization and introduced new vulnerabilities. Evidence is presented showing that Ukrainian IT companies generated USD 7.35 billion in computer services exports in 2022, demonstrating the sector's capacity for resilience, while also facing unprecedented infrastructure disruption, talent migration, and geopolitical uncertainty. The article concludes with a set of practical recommendations for Ukrainian businesses seeking to strengthen the resilience of virtual organizational structures, including investment in cybersecurity, diversification of digital infrastructure, development of adaptive governance models, and engagement with the Diia.City legal framework.
References
Поліщук Є., Гернего Ю., Горбов В. Цифрова трансформація релокованого бізнесу / Економіка України. 2025. № 5 (762). URL: https://nasu-periodicals.org.ua/index.php/economyukr/article/view/2025-05-4 (дата звернення: 10.04.2026)
Li C., Wang Y. Digital technology innovation and corporate resilience / ScienceDirect. 2024. URL: https://www.sciencedirect.com/science/article/abs/pii/S1044028324001145 (дата звернення: 10.04.2026)
Li C., Wang Y. Digital transformation and enterprise resilience: Enabling or burdening? / PLOS ONE. 2024. URL: https://pmc.ncbi.nlm.nih.gov/articles/PMC11259276/ (дата звернення: 10.04.2026)
Nizamuddin M. Investigating the cybersecurity risks of remote work: a systematic literature review of organizational vulnerabilities and mitigation strategies / International Journal of Information Security. 2025. URL: https://link.springer.com/article/10.1007/s10207-025-01095-z (дата звернення: 10.04.2026)
Froese F.J., Blay T., Gibson C.B., Shaffer M.A., Benitez J. Global virtual work: a review, integrative framework, and future research opportunities / Journal of International Business Studies. 2025. URL: https://link.springer.com/article/10.1057/s41267-025-00775-1 (дата звернення: 10.04.2026)
Віртуальне підприємство як ефективна форма організації бізнесу / Економіка та довкілля. 2025. URL: https://www.econa.org.ua/index.php/econa/article/download/6478/6565657751 (дата звернення: 10.04.2026)
Lindström N.B., Razmerita L., Prokopenko S., Popovich N. Building Digital Resilience in Major Shocks: How Ukrainian Organizations Enact Digital Transformation in Times of War / ResearchGate. 2024. URL: https://www.researchgate.net/publication/380531626 (дата звернення: 10.04.2026)
OECD. Enhancing Resilience by Boosting Digital Business Transformation in Ukraine / OECD Publishing. 2023. URL: https://www.oecd.org/en/publications/enhancing-resilience-by-boosting-digital-business-transformation-in-ukraine_4b13b0bb-en.html (дата звернення: 10.04.2026)
Digital transformation as a tool for creating an inclusive economy in Ukraine during wartime / Problems and Perspectives in Management. 2024. URL: https://www.businessperspectives.org/index.php/journals/problems-and-perspectives-in-management/issue-461 (дата звернення: 10.04.2026)
Ukraine's IT Powerhouse: Innovation Without Limits / Ministry of Digital Transformation of Ukraine. 2024. URL: https://digitalstate.gov.ua/news/it-outsourcing/ukraines-it-powerhouse-innovation-without-limits (дата звернення: 10.04.2026)
Цифрова економіка в Україні: стратегічні виклики, можливості зростання та трансформація / Вчені записки Університету «КРОК». URL: https://snku.krok.edu.ua/index.php/vcheni-zapiski-universitetu-krok/article/view/1145 (дата звернення: 10.04.2026)
Digital Tiger: the Power of Ukrainian IT — 2023 / IT Ukraine Association. 2024. URL: https://itukraine.org.ua/en/digital-tiger-the-power-of-ukrainian-it-2023/ (дата звернення: 10.04.2026)
Alawamleh M., Popplewell K. Understanding virtual organisation to identify possible risks / Int. J. Management and Network Economics. 2011. Vol. 2, No. 1. URL: https://www.researchgate.net/publication/264837030_Understanding_virtual_organisation_to_identify_possible_risks (дата звернення: 10.04.2026)
Polishchuk Y., Herneho Y., Horbov V. Tsyfrova transformatsiia relokovannoho biznesu [Digital transformation of relocated business]. (2025). Ekonomika Ukrainy, 5(762). Retrieved from https://nasu-periodicals.org.ua/index.php/economyukr/article/view/2025-05-4 (accessed April 10, 2026)
Li C., Wang Y. Digital technology innovation and corporate resilience. (2024). ScienceDirect. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S1044028324001145 (accessed April 10, 2026)
Li C., Wang Y. Digital transformation and enterprise resilience: Enabling or burdening? (2024). PLOS ONE. Retrieved from https://pmc.ncbi.nlm.nih.gov/articles/PMC11259276/ (accessed April 10, 2026)
Nizamuddin M. Investigating the cybersecurity risks of remote work: a systematic literature review of organizational vulnerabilities and mitigation strategies. (2025). International Journal of Information Security. https://doi.org/10.1007/s10207-025-01095-z (accessed April 10, 2026)
Froese F.J., Blay T., Gibson C.B., Shaffer M.A., Benitez J. Global virtual work: a review, integrative framework, and future research opportunities. (2025). Journal of International Business Studies. https://doi.org/10.1057/s41267-025-00775-1 (accessed April 10, 2026)
Virtualne pidpryiemstvo yak efektyvna forma orhanizatsii biznesu [Virtual enterprise as an effective form of business organization]. (2025). Ekonomika ta dovkillia. Retrieved from https://www.econa.org.ua/index.php/econa/article/download/6478/6565657751 (accessed April 10, 2026)
Lindström N.B., Razmerita L., Prokopenko S., Popovich N. Building Digital Resilience in Major Shocks: How Ukrainian Organizations Enact Digital Transformation in Times of War. (2024). Proceedings of the 57th Annual Hawaii International Conference on System Sciences (HICSS 2024). Retrieved from https://www.researchgate.net/publication/380531626 (accessed April 10, 2026)
OECD. (2023). Enhancing Resilience by Boosting Digital Business Transformation in Ukraine. OECD Publishing. https://doi.org/10.1787/4b13b0bb-en (accessed April 10, 2026)
Digital transformation as a tool for creating an inclusive economy in Ukraine during wartime. (2024). Problems and Perspectives in Management. Retrieved from https://www.businessperspectives.org/index.php/journals/problems-and-perspectives-in-management/issue-461 (accessed April 10, 2026)
Ministry of Digital Transformation of Ukraine. (2024). Ukraine's IT Powerhouse: Innovation Without Limits. Retrieved from https://digitalstate.gov.ua/news/it-outsourcing/ukraines-it-powerhouse-innovation-without-limits (accessed April 10, 2026)
Tsyfrova ekonomika v Ukraini: stratehichni vyklyky, mozhlyvosti zrostannia ta transformatsiia [Digital economy in Ukraine: strategic challenges, growth opportunities and transformation]. Vcheni zapysky Universytetu «KROK». Retrieved from https://snku.krok.edu.ua/index.php/vcheni-zapiski-universitetu-krok/article/view/1145 (accessed April 10, 2026)
IT Ukraine Association. (2024). Digital Tiger: the Power of Ukrainian IT — 2023. Retrieved from https://itukraine.org.ua/en/digital-tiger-the-power-of-ukrainian-it-2023/ (accessed April 10, 2026)
Alawamleh M., Popplewell K. Understanding virtual organisation to identify possible risks. (2011). Int. J. Management and Network Economics, Vol. 2, No. 1, pp. 75–92. Retrieved from https://www.researchgate.net/publication/264837030_Understanding_virtual_organisation_to_identify_possible_risks (accessed April 10, 2026)
