Electronic commerce includes almost any exchange of electronic data related to a business operation. In this discussion, I will be focusing on the use of the Internet for business transactions. Companies that use the Internet as their major source of income have a big concern about electronic commerce security to keep them successful in their online business. Although the technology exists to prevent almost all types of aggression, the nature of the Internet makes accomplishment of security measures difficult. TCP/IP, the network protocol of most Internet use, it sill weak for security compromises (LOEW 134).
A business security plan for securing electronic commerce must begin with a baseline. Firewalls and the use of encryption can only protect against 80% of all security threats. Common sense policy measures, such as proper configuration of computer systems and appropriate use of passwords, are often overlooked (RUSSELL 165).
In the article, “Connecting to The Internet: Security Considerations,” http://csrc.ncls.nist.gov/nistbul/cs193-07.txt, Bulletin. Reporting that “in recent years, a number of security problems with the Internet have become apparent.” “Crackers often roam the Internet with impunity, covering their tracks by moving from system to system.” In the rest of my discussion I will be focusing on different aspects of Internet security and E-commerce such as Commerce on the Internet, Electronic Commerce Systems, Business Security Strategies, Security Concepts, Risks of Internet Use, Internet System, and the future of Electronic Commerce Security.
Direct sales via the Internet are expected to grow from $8 billion this year to anywhere from $50 to $250 billion by the end of the century. The amount of sales on the Internet may comprise 36% of direct sales in the year 2000 compared with 7% in 1996. The number of transactional sites on the World Wide Web (WWW) has been increasing around 1,700 for awhile, but is expected to reach 15,000 by the year 2001 (BERKLEY 6). The attractions of the Internet for conducting commerce are getting higher and conducting a transaction at one-sixth the cost of placing the same order through human operator (BERKELY 4).
The use of the Internet for electron commerce now includes transaction types that formerly were considered too risky. In 1996 the San Francisco-based Lombard Insti...
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...urity devices cannot rely on TCP/IP, but future standards are likely to include security improvements in the TCP/IP protocol, of which users will largely be unaware (SOURCE ).
Many new secure systems, such as SSL and SET, were developed by private companies but are on the way to universal acceptance amount Internet users. Java, the new programming language developed by Sun Microsystems, has much promise in security for network environments (DEBORAH AND G.T. 117). Some trade organizations have encouraged the formation of working groups to speed up the creation of secure electron commerce environments. The Financial Services Technology Consortium (FSTC) is comprised of banks, financial services firms, technology vendors, research laboratories, and government agencies (DEBORAH AND G.T. 117). The FSCT is working on converting the Electron Funds Transfer (EFT) protocol from a private to a public network, in order to create a common environment for secure electron commerce transactions. As a general rule, the risk of criminal attack on electronic commerce will be greatest in terms of large-scale attacks (DEBORAH and G.T. 80) as daily transaction become more and more secure.
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