Total earnings from e-commerce business had reached up to US $2.3 billion in the year 2002. The growth rate is expected to double up over the period of years. Earnings through e-commerce didn’t slow down even during recession period, which was unlikely with the other industries. Quick information, secured product delivery system, discounted price for the products, and reliability of the online companies are some of the factors that has contributed towards the increase in the business. Security of the business and client information is still one of the major concerns that affect the business performance either directly or indirectly. E-commerce business house now concentrate on adopting better strategies for securing the business and client information from being hacked or used in an unauthorised manner (Bacharach et al., 2001).
Online business is carried out through B2B and B2C methods. The security measures are an important factor through which the better strategies can be introduced by the companies to improve the security measures. The companies trading through online method, works towards developing trust with the clients willing to trade with the company. Security measures are associated with the steps followed for securing the data of the users who chose to share information with the company. Customers trading through the online method need to be protected and the corrective measures can be implemented. Security measures include analysing different factors like the system used, software, and policies.
The privacy policies include the below mentioned factors-
Trust is one of the important factors that contribute towards the successful business conduct and organising transactions. However the challenge exists with the process that is followed for authentication of the consumer identity, especially for the online transactions.
Security measures like protecting the confidential information of the clients like the credit and debit card details and other details of the buyers has to be evaluated and implemented in an effective method. Rules have been amended through the legislation and company policy process. Security measures are undertaken with the sole purpose of implementing the security safeguard methods for different information that is held by the company on behalf of the clients (Ben-Ner, and Putterman, 2002).
As per Bacharach and Gambetta (2001), it is essential for the management to evaluate the type of information that is being held by the company. Important and relevant details have to be evaluated as this will help the e-commerce business to retain the important information for the business. The value of the data regardless of the size and the nature has to be developed. Data can be classified into two different factors like the company information and client details. Company information includes details like financial information, strategic plan details, and employee information. Client details include the information like debit and credit card details, email address of the clients, and others. It also includes SSN numbers, telephone numbers, and addresses. The company cannot use the information for any other reason, otherwise permitted by the users.
As per Camp 2000, trust is an important factor for trading through the online method. There are different types of trusts like –
Trust is required for building business relationship with the clients and business associates. Security measures adopted by the companies have to be evaluated as this will minimise the occurrence of the cyber threat, which is one of the major concerns for online trading. However the challenge exists with the process that is adopted by the companies to implement the security measures for benefitting the companies and the clients. The trust and the security factor can be established which is one of the important tasks for the companies. Different types of security measures include identifying the establishment process, third party certification method, and legal frameworks. The process includes providing assurance to the clients and other parties about the secured measures that would be followed for improving the security measures for protecting the information. This basically includes introducing security measures for protecting the details and other information through the online method. Importance has been given to the authentication method, through which the details of the customers, suppliers, and others can be identified and effective measures can be introduced (EC, 2010).
The security system is used for improving the security measure through Facebook and others needs to be improvised. Major issues are with the selection of the method that is considered to be efficient for improving the security on the online method. Different measures for the security method can be introduced like the Netscape and others. Such factor reduces uncertainty related to the security issues. Authentication method is a part of the policy process that has been drafted by the companies. It is necessary to test the method, as this will minimise the losses that is related to the security measures.
The verifier introduced by the company or the e-commerce business house enables the users to verify the requests for the verification code and other factors. This reduces the possibilities of dispute, which impacts the goodwill and the reputation of the company (Guerra, 2001).
As per a research it has been started that more than 70 per cent of the US online buyers fear about losing the data and other information to the unauthorised hackers. The process adopted by the companies to protect the information differs and it depends upon the type of information that is being shared between the company and the clients. For instance, Citibank has issued ‘virtual account numbers’ to the clients. Such a number is quite similar to the credit card details or numbers that is being provided to the clients for carrying out the individual transactions. Through this process, the information and the details of the clients is hidden from the seller.
Customers trading through online business houses are expected to share personal information like the email address, SSN number, debit or credit card details, and others. Such details are crucial for the users and it is the responsibility of the company to secure the details. In this process, it is essential to secure the information. Policy for securing the data of the consumers has to be introduced by the company. In this process, the strategies include authenticating the system used for securing the data and installing a better method for protecting the information. Customers need to have an option to share the details, unless the payment is done. Details of the customers cannot be shared by the company with any third party. Client’s permission is required for sharing the details with any third party. Identify of the clients has to be protected as unauthorised access can risk the business goodwill and security system. Emails and other information can be communicated with the clients after getting permission from the users.
As per the data protection theory, it is necessary to analyse the data and introduce the better methods to secure the content from unauthorised third party. This includes the format used for storing the information. Public or standard format like the HRML is used as one of the options. In the other option, the private proprietary format is used. Data located in one of the computer system can be used or accessed by the concerned authorities. The usage of the data can be restricted. However, the data accessibility is at a higher risk, when the accessibility is open due to many reasons. Thus, the distribution method for the standard format has to be adopted as this will secure the information. The users range from the clients and others who are associated with the company.
Data protection has been made mandatory as per the rules that have been framed by the authorities. The strategies adopted by the companies differ, but it is necessary to ensure that the right process and steps are followed for introducing the changes within the company. In this process, the challenges faced by the company and the process that is expected to be followed by the company for improving the performance has to be analysed.
The companies can install drivers on the path the data is taken into the hard disk drive to the browser. The driver has the ability to directly analyse the hard disk and analyse the encrypted data. Through this method, it is possible to analogues the challenges that are associated with the process data protection which is considered to be an important factor. In order to improve the protection it is necessary to install data protection method, which will secure the data and introduce better security measures. The steps intended to be followed by the companies varies and there are lots of factors that can affect the performance (Latcovich and Smith, 2001)
The other method is with the certification method that has been done through the third party or agent. In this method, the certification is being done through the rating system. Through such a process, other users would be able to judge the reliability of the website for carrying out the transactions or dealings with the company. Quality seals and trust marks for the website plays an important role in the business development and implementing effective strategies through which the changes can be introduced for improving the protection of the data from unauthorised hacking (Latcovich and Smith, 2001)
Some of the commonly used seals include VeriSign secure seal and Trustee Privacy mark. The prime objective for setting up of such certification is outlined for introducing the better methods for protecting the information. Such factors are expected to reduce the uncertainty that is basically caused due to the hacking of the information through the third party or someone who can impact the business. The benefits associated with the system lies with the process that is adopted for introducing the better methods through which the information about the clients can be shared in public. In other words, the amount of details can be controlled and evaluated as this can be shared with the third party. The test process can be introduced, as this will assure the company about the reliability of the data and other information that is considered to be essential for the successful business conduct. Consensus is required for carrying out the privacy issues, especially when the involuntary sampling method results unfavourably (Wallace, 2001).
The demand for e-commerce business has been on rise. This is one of the reasons; the companies intend to introduce better security measures through which the changes within the business performance and securing the information about the clients can be introduced. Through the process the challenges involved with the business execution and other factors can be analysed. In this process, the method that is intended to be followed by the company for improving the performance of the company and introducing better methods for securing the data has to be planned and introduce effectively by the company. The cost and the steps involved with the process have to be analysed and corrective steps needs to be introduced.
Bacharach, M. O. L. and Gambetta, D. (2001), “Trust in Signs”, in Cook, K. (ed.), Trust and Social Structure, Russell Sage Foundation, NY, pp. 148-184
Bacharach, M. O. L., Guerra, G. A., and Zizzo, D. J. (2001), “Is Trust Self-Fulfilling? An Experimental Study”, University of Oxford, Department of Economics Discussion Paper 76
Ben-Ner, A. and Putterman, L. (2002), “Trust in the New Economy”, HRRI Working Paper 11-02, University of Minnesota, Industrial Relations Centre
Bochet, O., Page, T. and Putterman, L. (2002), “Cheap Talk and Punishment in Voluntary Contribution Experiments”, unpublished paper, Department of Economics, Brown University, Providence, RI
Camp, J. (2000), Trust and Risk in Internet Commerce, MIT Press, Cambridge MA
EC (2001), Communication on “Network and Information Security: Proposal for A European Policy Approach”, COM(2001)298. Available at https://eurlex.europa.eu/LexUriServ/site/en/com/2001/com2001_0298en01.pdf
EC (2010), “Proposal for a regulation concerning the European Network and Information Security Agency (ENISA)”. Available at https://eurlex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2010:0245:FI N:EN:PDF.
Guerra, G. A. (2001), “Certification Disclosure and Informational Efficiency: A Case for Ordered Ranking of Levels”, University of Oxford, Department of Economics Discussion Paper 6
Guerra, G. A. and Zizzo, D. J. (2003), “Trust Responsiveness and Beliefs”, Journal of Economic Behavior & Organization, forthcoming
Latcovich, S. and Smith, H. (2001), “Pricing, Sunk Costs, and Market Structure Online: Evidence from Book Retailing”, Oxford Review of Economic Policy 17, 217-234
Wallace, P. (2001), The Psychology of the Internet, Cambridge University Press, Cambridge
Zizzo, D. J. (2003), “Empirical Evidence on Interdependent Preferences: Nature or Nurture?”, Cambridge Journal of Economics, forthcoming
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