1. Before starting any E-commerce business the owner have to make sure that his/hers website has all kind of security systems which provide absolute safety for customers and the owner himself. Nowadays, online robberies have become the most common. Every single day, hackers attack thousands of web sites in the hope of a good profit. among the most important elements of the protection should be as following: • Security Hosting supposed to include Bandwidth (to maintain E-commerce traffic), a large Disk Space (to be able to place more products and store business and customer’s information), Firewall (supposed to be strong in order to reject any external threats), 99, 9% of all security system updates (to be sure that your website is fully secured). • SSL Encryption is a system that codes and decodes customers’ personal information and information about the transactions. In other words, this system makes data unreadable for any external sources. • PCI Compliance is responsible for safe credit card transactions. to comply with this system every online business supposed to build and maintain Secured Network, protect Cardholder Data, follow Information Security Policy, regularly testing Networks, maintain Vulnerability Management Program. • DDoS protection and mitigation service - Installation of this system saves a lot of money for other security aspects. This cloud-based system helps protect website from hacker attacks, even the most powerful ones. • Sensitive Data Storage - The online business should not to store sensitive data on their hard drives. Even the strongest security systems could be hacked and all the data will be gone. Nowadays, it is forbidden by Informational Security Policy to store all sensitive data at one place. F... ... middle of paper ... ...egally and ethically clear); and this is create “gray” shadows of e-commerce. E-businesses have to inform their customers of all rules and regulations, product full information and product safety confirmation. Judicial comity enforces other countries’ legal institutions to exercise “clear” e-commerce laws in order to practice “friendly” international business relationships. Each e-commerce enterprise has to be registered and precede all legal procedures. E-businesses have to obey the tax regulation complex such as Income Taxes, Transactional Taxes, Custom Duties, and Property Taxes. Income Taxes - taxation for all company’s income. Transactional Taxes imposed by the Government on the sale and use of any goods and services by the company. Custom Duties – taxation on imports into the country. Property Taxes – taxation of real estate and any other personal property.
E-commerce program was launched in 1996. The aim was to develop the e-commerce services. Singapore has introduced some e-commerce policy initiatives. There are cross-border e-commerce laws and policies. Some basic legal and technical infrastructures to support secure e-commerce were available since 1998. Some of them are Electronic Transactions Act, Intellectual Property Rights, Amendments to the Evidence Act, Content Regulation, Tax Issues and Import and Export Procedures (Infocomm Media Development Authority, 2016).
Wang, F. F. (2010). Law of Electronic Commercial Transactions: Contemporary Issues in the EU, US and China (Routledge Research in Information Technology and E-commerce Law). Routledge.
Electronic Commerce or e-commerce refers to a wide range of online business activities for products and services(Rosen, 2000). E-commerce (or electronic commerce) is defined as the buying and selling of goods and services conducted over electronic systems such as the Internet and other computer networks. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems and automated data collection systems. (Anon, n.d.). It also refers to any type of business transaction where the parties interact electronically rather than by physical exchanges or physical contact. (Anon, n.d.)
Nowadays companies compete like they’ve never used before. A business that exists in the virtual world has to have not only a great website, social media accounts and advertisements but also has to invest in reliable servers and securities. Strong company’s image and consumer’s trust and confidence are very important. People who buy online want to be sure that their money reaches the right account, that they don’t have any issues with the money transfer and that they receive the goods they ordered. The company has to make sure its return policy is clear. Normally goods can be returned within 14 days from the date they were purchased. However, it doesn’t apply to food items or unsealed copies of videos or software. The final price and taxes have to be visible on the website. In case of business-to-business trading, transactions are regulated in the country where the vendor is located. Business-to-consumer transactions are administered by the country where the consumer resides (Tiwari R, et al 2006). The company has to bear in mind that it is not allowed to collect personal data of its customers. The problem of copyright has to be addressed as well. Copyright laws of an online company are not easy to control and it may be difficult to track whether somebody copied an existing business model and makes profits at our cost (Joseph C, 2015). Inappropriate Web sites have to be banned so that employers can’t view or print them. Communication
Data encryption refers to the process of transforming electronic information into a scrambled form that can only be read by someone who knows how to translate the code. In nowadays business world, it’s the easiest and most practical way to secure the information that we stored and processed, and it’s significant for our sensitive information. For example, as electronic commerce is popular now, the vendors and retailers must protect the customers’ personal information from hackers or competitors. They also have many business files or contracts that need to be strictly protected. Without data encryption, these important information may fall into wrong hands and be misused by others. Besides, data encryption may be used to secure sensitive information that exists on company networks, or create digital signatures, and help to authorize in business. No one should underestimate the importance of encryption. A little mistake in encryption may make sensitive information revealing, or even result in illegal and criminal accuse.
...g priority and make sure nothing goes wrong. The entire steps taken by online retailers and governments are to work together to build-up e-loyalty among the consumer/customer. E loyalty is the most important of all the other essentials for the survival and long lasting success for every online retailer. Lastly in order to conclude, we live in a world intensively propelled by technological change. The next big need in a quest to make our lives better, simpler and more productive is electronic commerce (or E-commerce). The knowledge about E-commerce, the difficulties to its successful implementation, construction of a viable consumer model should be the major concerns of the market of today. It is not possible to separate the issues of technology, security, and trust. The whole image that secure, Web-based commerce needs polishing if it ever has to meet expectations.
E-commerce dollar volume of business conducted over the Internet in 2000 and 2001 were reported to be 354.9 billion and $615.3 billion respectively, with these figures forecast to reach between $4,600 and $9,240 billion by 2005, depending on which analyst’s figures are used. Whether it’s the conservative or the optimistic, the growth projections of 747% to 1502% are indicative of the enormous opportunities for e-commerce and the business world of the future (Plante 13/11/03).
The e-commerce industry is one of most profitable segments in the US economy as well as global economy. E- Commerce Industry Report underlines that all companies which are included in the statement have remarkable revenue growth. While the global economy continues to improve, many consumers in North America and Europe continue to invest heavily in the market and in the IT technology. The data protection and security are significant factors for investors and consumers. Moreover, e- commerce is an example of an industry that grows by acquisitions which provide a greater opportunity to penetrate new geographic platforms.
In this report, the author endeavours to present the how the security issues generally presented on the B2C web sites can assured by technical controls and educating customers. The report presents levels of end-to-end security components that include: physical system security, operating system security and network security. With advent of web applications that are now being used extensively for deploying e-commerce applications, author also presented the web security threat profile of web services that is currently an active research topic. All of the discussed components are attached with advice that can be provided to customers that may not apparent to them, but can help reduce security issues.
To conclude, with the significance of e- business, consumer privacy becomes an important concern. The sales of consumer information and the lack of privacy awareness are the main causes of the privacy problem. The problem causes the harm to companies’ image, the troublesome to consumers, the loss of confidence in the rule of law and the increase in the awareness on privacy and respective solution are provided to tackle the consequences. Consumer privacy is an essential element in e-business. To further expand the utilization of e-business, each party should bear the responsibility to respect the privacy as to respect human rights.
In conclusion, it is worthy to note that e-commerce has become a major driving force in globalization of trade. It has also given online vendors opportunities of reaching many clients across the globe. However, issue of many risks like fraud, stealing of customers’ confidential information continues to affect e-commerce. Developers of the infrastructures that facilitate online business thus need to address risks issues as many people continue to adopt online trading.
E- Commerce is a phenomena that is emerging rapidly between businesses all over the world, and it has affected the businesses at all sizes in many aspects.
E-business and e-commerce are terms that are sometimes used interchangeably, and sometimes they are used to differentiate one vendor’s product from another. In both cases, the e stands for "electronic networks" and describes the application of electronic network technology - including Internet and electronic data interchange (EDI) - to improve and change business processes (Bartels, 2000)
E-commerce means that the company runs their business online, not like the traditional business way. We have to go the shopping mall or store to get goods that we need, E-Business is the enabling of electronic communication between any two or more participants in a business relationship. It helps companies capture abroad business field, cost saving, and market opportunity. E-commerce is an important factor that is making people’s lives more efficient.
Rayne, PB, Kulkarni, P, Patil, S & Meshram, BB 2012, ‘Authentication and Authorization:Tool for Ecommerce Security’, Engineering Science and Technology: An International Journal, vol. 2, no. 1, pp. 150-157.