Electronic Commerce (e-Commerce) is one of the fastest growing industries in the world and has revolutionized how we do business. It is estimated that by 2020, e-Commerce will account for 20% of total global retail sales. This report provides an overview of electronic commerce, its evolution and its security issues, legal framework and regulatory framework related to security in India.
What is electronic commerce?
Electronic commerce is a form of business transaction that uses electronic networks to conduct the transaction. It’s also known as e-commerce and it’s an international phenomenon. The worldwide volume of e-commerce was estimated at $1 trillion in 2018, with an annual growth rate of 15%.
E-commerce can be classified in several ways; however, the most common types are: Business-to-business (B2B), Business-to-consumer (B2C), Consumer-to consumer (C2C)
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Evolution of Information technology
The Internet has evolved into a powerful tool for businesses and individuals alike. It’s also changed how we interact with one another in society. The use of the Internet has grown significantly over time, but it hasn’t been without its problems. The most pressing issues are security and privacy concerns; these problems have led to new regulations that affect e-commerce transactions globally.
The growth of electronic commerce will continue to have an impact on our lives as well as the future development of information technology systems for years to come
Security and privacy in e-commerce
Security is the protection of information from unauthorized access, misuse or disclosure. Privacy is the right to keep personal information private.
Security and confidentiality are often confused with integrity and authenticity. Integrity means that data has not been modified by any unauthorized user; authenticity refers to whether or not the sender of an electronic message is who he/she claims to be; anonymity allows users to communicate without revealing their true identity (or even if they are human). Access control allows you only those privileges necessary for performing your job duties while auditing logs all activity on a system in case there is ever any doubt about what happened at any given time period in history
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Legal issues in e-commerce
The legal framework for e-commerce is the same as that of traditional commerce. The laws apply to both online and offline transactions, with only a few exceptions (e.g., certain financial transactions).
There are many legal issues in e-commerce transactions, but they can be resolved without too much difficulty if you know where and how to look for help.
Advantages and Disadvantages of Electronic Commerce.
Electronic commerce (e-commerce) is a form of electronic interaction between businesses and customers, usually conducted over the Internet. The term e-commerce refers to all business-to-consumer (B2C), business-to-business (B2B), customer-to-customer (C2C) or supplier interactions that use electronic data interchange, communications technologies and information systems. Electronic commerce may include retail sale, but it can also include other types such as services or financial products/services.[1]
The growth in electronic commerce has been phenomenal since its inception in 1969 when Michael Aldrich sent an order via email for some 4oz bottles of beer from: “Stanford University’s Artificial Intelligence Lab.”
Role of Security in E-Commerce.
The role of security in e-commerce is to protect data and ensure that the transaction takes place safely. Security should be in place before, during, and after a transaction takes place.
The customer should not be required to pay for e-commerce security because it is already included in most vendor prices; however vendors can still provide customers with free ways of contacting them if there are any problems with transactions or orders placed on their websites such as email addresses where customers can send messages asking questions about products being purchased from them so that both parties know how best deal with any issues which may arise later down line when someone tries accessing information through their accounts without permission again!
Regulatory Framework for Electronic Commerce Security in India.
The Indian government established a cyber law division in the ministry of electronics and information technology. The division is responsible for formulating policies and regulations for cyber security, cyber forensics, cyber law and cyber infrastructure. The cyber law division also takes care of the intellectual property rights issues in e-commerce. It is responsible for planning and implementing security policies related to the use of cyberspace.
Conclusion and Recommendations.
- Conclusion and Recommendations:
- E-commerce is growing at a fast pace. This growth has led to an increase in cybercrimes, and therefore, there is a need for regulatory framework for e-commerce security. The government should come up with a regulatory framework for e-commerce security as it will help prevent cybercrime and protect consumers’ privacy rights. If this happens, we will be able to see more successful e-commerce businesses that provide high quality services while maintaining customer trust and confidence in them.
How do you define e-commerce?
Electronic commerce (e-commerce) is the buying and selling of goods or services over the Internet. It is a transaction between two or more parties, conducted entirely or partially over the Internet.
The term e-commerce can be used to describe business-to-business (B2B) transactions, but it usually refers to B2C interactions only. E-commerce may include all retail sales that occur on the web, including travel reservations, banking services and even dating services.[1]
E-commerce has been defined as “the exchange of goods and services by means of electronic data interchange (EDI), computer networks such as Intranets/Extranets; telephony networks such as Voice over IP (VoIP); online systems such as Electronic Data Interchange (EDI), Electronic Mail[2].”
Why is electronic commerce important today?
Electronic commerce (or e-commerce) is the buying and selling of products and services over electronic systems. E-commerce has been growing rapidly in recent years and has become a major part of the economy, changing traditional business models, the way people do business and live their lives.
Security and privacy in e-commerce transactions.
In this paper, we will discuss security and privacy in e-commerce transactions. Security is the protection of information in electronic commerce. It ensures that only authorized users have access to sensitive data such as credit card numbers or passwords. Privacy is the right to control access to your personal information. Privacy protects you from having someone else use it against your best interests (e.g., identity theft). These two concepts are related because they both protect your identity: one protects what information about you exists online, while the other makes sure that only people who should have access get it.
Electronic commerce is the future of business, so it’s important that we understand how security and privacy are used in these transactions. We have seen that there are many different types of electronic commerce systems, each with their own strengths and weaknesses.
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