E-commerce Security

E-commerce Security

E-commerce Security is a part of the Information Security framework and is specifically applied to the components that affect e-commerce that include Computer Security, Data security and other wider realms of the Information Security framework. E-commerce security has its own particular nuances and is one of the highest visible security components that affect the end user through their daily payment interaction with business. The “E-commerce” term refers to online payment transaction between Businesses to Consumer (B2C), or between Businesses to Business (B2B).

Problem

Globally E-commerce is growing; however it comes with a risk that some part of the transaction is compromised which may lead to financial loss or unintended shared private information (a breach in privacy). It is therefore the security of e-commerce transactions that is a critical part of the ongoing success and growth of E-commerce.

E-commerce – size and magnitude

Security in e-commerce is becoming more topical as the shift from traditional shopping and transactions move away from physical stores to online. E-commerce has had a drastic affect on the global economy and has rapidly accelerated over the years into the trillions of dollars a year.[1] Research conducted by JP Morgan is also showing accelerated growth in e-commerce of a predicted 19.4% for the US e-commerce industry in 2011.[2] Although only making up an approximate 3.9% of the US economy in 2009, e-commerce is certainly here to stay and continue from strength to strength.
Global e-commerce sales are growing at more than 19% per year
Global e-commerce sales by region 2010..

Mobile devices – shifting the paradigm

E-commerce is also becoming more prevalent as mobile devices are becoming extremely popular with Gartner quoting over 298 million mobile device users and 30% of them will use their mobile device purchase items on the internet.

Cyber crime and e-commerce Security

The increase in e-commerce and the rapid rise of the mobile device usage in e-commerce is not only bringing business benefit, but also increasing the threat of cyber crime as criminal organisations (and individuals alike) are exploiting its vulnerabilities for financial gain. The numbers are staggering but are reportedly more than $388 billion globally per year[4] attributed to cyber crime in general; and a large portion of that would be related to e-commerce. Verzion has published that in 2011 over 174 million records where compromised with 95% of them involving personal information.

Role of Entrepreneurship

Entrepreneurship is a process of exploiting opportunities bearing the risk. In other way its to emerge as an entrepreneur and generate employment opportunities. Entrepreneur plays a vital role for the economic development of a country. Some of them are:

1. Generate employment opportunities:- Entrepreneurs develop their own concept an establish their business which also provides employment opportunity to the local people. They offer jobs for other which helps to reduce employment opportunity in the country.


2. Economic Development:- Economic development of a country is possible when mass people of country gets job. They help in economic standard of the people. Entrepreneur establish various kinds of business which helps directly in the economy of the country.

Economic crisis in Nepal

Nepal is known for its beauty where top of the world Mount Everest lies. Nepal is also known for the birth place of Lord Gautam Buddha. Nepal is the second richest country in the world after Brazil where there are various water sources. In spite of various good things Nepal has not been able to progress and it is economically backward. The neighboring countries China and India are developed country but Nepal has not been able to take any advantage of that. What is the reason behind it?


There are various reasons behind it like political instability,law of the country,education system,nepotism,etc. Among them political instability has been the major hindrance for development of the country. Any political party of Nepal has been able to push development works in Nepal. All them have self ego about getting chair but doing nothing for the welfare of the country and its public. Due to political instability there is no strict rules in the country.

Another reason is education system of the country. The schooling in Nepal is long and more theoretical than practical due to which Nepalese student failed to compete in international standards.