Security Crisis That Is Plaguing E-Commerce As Term Paper

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security crisis that is plaguing e-commerce as it transforms into the epitome of global business. It attempts to analyze the possible repercussions of this problem and then put forward various possible solutions to rectify the biggest obstacle limiting the path of e-commerce progress. The ideas and references used in this proposal have been cited from five different sources.

E-commerce has changed the way the world do business, plain and simple. It has single-handedly brought more people, countries, enterprises and governments together to the same world market than all other forms of conducting methods, combined. This name, given to the electronic method of executing business, has made the task of buying every available merchandise exponentially easier and has therefore made all the more products accessible to the general population as well as businesses and industries. The boom in online trade is gaining alacrity and is destined to become the method of choice for all those who make transactions and engage in commerce. There is, however, one major problem that is hampering the success of e-commerce, and that is the risk of security that online websites face everyday. This threat to the privacy of online shoppers is limiting the outspread and global adoption of online trade. To prevent the e-commerce process from getting stunted in its infancy, effective methods have to be devised to overcome this major hurdle in the path of international technological and commercial progress.

Purpose Statement:

This research study will attempt to discuss the ongoing threat to the burgeoning e-commerce industry including the far-reaching implications that the danger to security and online privacy can cause. It will address some of the fundamental flaws in the way e-commerce is being conducted at present and will offer solutions to eliminate such glitches from future online e-commerce transactions. The explanation of the solutions in this paper will be done with the help of accompanying real world scenarios and practical examples that vividly explain how and why this threat has to be curbed. All in all, a profound and solid resolution will be offered to quicken the advancement of the e-commerce business portals worldwide without any fear of security breaches and this will be done so by focusing and extracting the key limitations and weak points of the current state of e-commerce.

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Literature Review:

In the technologically advancing world of today, we are constantly hearing catch phrase like "Better, Faster, Cheaper," "Global Village," and "Wired Planet." These phrases have been coined to show that the world is now moving forward in a medium where there are no borders and no governments. It has allowed people around the world to easily access a wealth of information in seconds that they previously had to wait months and even years to receive. The integration of the world's online community has also resulted in the formation of what is now the biggest bazaar in the world, the electronic marketplace. E-commerce, the process behind this online market is key to the future progression of the world because it is now how a majority of the world conducts business. To facilitate the growth of this relatively new technological trend, the procedure has to be fully secured so that the participants in this massive daily trade can be assured of their anonymity and can shop online without apprehension. For this to take place, we have to be critical in exploring the simple holes and flaws that result in most of the security breaches and complications during online trade (Cases on Worldwide E-Commerce, 2002).

A majority of the problems stemming from low security on business websites include identity theft, invasion of privacy, increased hacking attempts, access to sensitive company information and disruption of business. These hitches result in the overall trust of the public in e-commerce to weaken, which in turn has an adverse effect of this particular methodology as a whole. Customers who are new to the whole concept fear that by using their credit cards online or purchasing particular medicines or products electronically, they could cause important and private information about them to be disclosed if the website is hacked or the security of the databases that….....

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