Security and Payment Issues Faced by e-commerce Business...

1. INTRODUCTION In recent years, experts have expressed alarm about the rise in internet privacy violations and cyber-attacks to e-commerce systems especially in the hospitality industry. â€Å"In 2011, Trustwave SpiderLabs conducted 42 percent more data breach investigations than in the previous year. More than 85 percent of these data breaches occurred in the food and beverage, retail and hospitality industries.† (Savitz Percoco, 2012). It seems logical that any business would understand that building a secure business is important to long term success. (Vacca, 2012). E-commerce as a catalyst has led to the diversification and availability of various electronic means of payment. It is therefore necessary, that an emerging e-commerce†¦show more content†¦2. SECURITY Oxford and Merriam Webster dictionary defines security in different contexts and the word â€Å"security† will be used in both contexts in this paper. Therefore for this study, security can be defined as the safety of an organization or measures taken by an organization against espionage, theft, terrorism, and criminal attack. (Oxford dictionary, n.d) (Merriam-Webster dictionary, n.d) According to (Kurose Ross, 2013). Secure communication has some desirable properties which include Confidentiality, Integrity, Authentication, Operational Security and Availability. Thus these properties need to be considered when creating a secure e-commerce system. It is, however, possible for one or more of these properties to be more applicable in specific scenarios than others. (Rossouw Johan, 2013) 2.1. OBSTACLES OF BUILDING A SECURE E-COMMERCE SYSTEM â€Å"The Internet and computer networks are exposed to an increasing number of security threats. With new types of attacks appearing continually, developing flexible and adaptive security oriented approaches is a severe challenge.† (Garcia-Teodoro, Diaz-Verdejo, Macià ¡-Fernà ¡ndez, Và ¡zquez, 2009) Security is inconvenient, and the more robust the mechanisms, the more inconvenient the process becomes. Employees want to get to work right away, but security mechanisms slow the process down and over the years, this results in hours of lost productivity. Across a large organization this lost productivity could prove significantShow MoreRelatedPayment Gateway : Introduction And Overview3292 Words   |  14 PagesElectronic Business Assignment-2 Payment Gateway 11/12/2014 Submitted To: Prof. Prabhat Yadav Visiting Faculty, SPM, PDPU, Gandhinagar Submitted By: Aalap Pandya – 20135001 Abhishek Satija- 20135002 Abhishek Shukla- 20135003 Amartya Gupta- 20135004 Ambarish Nigam- 20135005 Amit Kumar- 20135006 Table of Contents Payment Gateway: Introduction and Overview ..................................................................................... 1 Literature Review ......................................Read MoreA study on customer perception towards E Banking facilities12297 Words   |  50 Pagesthe middle stage of E-banking growth and development. Competition and changes in technology and lifestyle in the last five years have changed the face of banking. 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