What are the benefits and risks associated with e-commerce?

What are the benefits and risks associated with e-commerce?

The Risks and Rewards of E-Commerce

• Reward: Reduced costs. Starting a business is expensive.
• Risk: Third Parties Are Unavoidable.
• Reward: Sell to Anyone, Anywhere, 24/7.
• Risk: Increased competition.
• Reward: Easy to retarget customers.
• Risk: Credit Card Fraud is More Prominent Online.
• The Verdict.

What are the risk involved in online transaction?

Today, there are too many reports of data breaches, phishing attacks, website spoofing, payment card skimming (credit /debit cards), fraud in online transactions, malware attack (malicious code attack of viruses, worms, Trojans, and bots), hacker/cracker infiltration, vandalism, and identity theft related to bank …

What is risk management in e-commerce?

In the new Internet economy, risk management plays a critical role to protect the organization and its ability to perform their business mission, not just its IT assets. Risk management is the process of identifying risk, assessing risk, and taking steps to reduce risk to an acceptable level.

What are the risk management options for e payment system?

Following are the most important procedures for managing risk in e-commerce transactions.

1. Understand the risks and train your staff.
2. Ensure information security.
3. Select the right acquiring bank and merchant services provider.
4. Create and display effective policies.
5. Use collection efforts to minimize losses.

What are the best e-commerce security strategies?

Best Practices for Ecommerce Security

1. Implement strong, unique passwords — and help make sure your customers do, too.
2. Protect your devices.
3. Steel against social engineering attempts.
4. Implement additional authentication factors.
5. Only store the customer data that you need.
6. Make sure your site is always up to date.

What are the six key dimensions to e-commerce security?

Six Dimensions of Ecommerce Security

• Integrity. We all have the one common question, whether we have received the same data that the sender has sent.
• Non-repudiation. Good business depends on both buyers and sellers.
• Authenticity.
• Confidentiality.
• Privacy.
• Availability.

What are the NIST security controls?

The NIST SP 800-53 security control families are:

• Access Control.
• Audit and Accountability.
• Awareness and Training.
• Configuration Management.
• Contingency Planning.
• Identification and Authentication.
• Incident Response.
• Maintenance.

What are the four types of IT security?

Types of IT security

• Network security. Network security is used to prevent unauthorized or malicious users from getting inside your network.
• Internet security.
• Endpoint security.
• Cloud security.
• Application security.

What are the 5 types of security?

In this article, we will observe five types of cybersecurity techniques, which will help in reducing the cyber attack amongst enterprises and organizations.

• Critical Infrastructure Cybersecurity.
• Network Security.
• Cloud Security.
• Internet of Things Security.
• Application Security.

What are common security threats?

Common Security Threats

• Spam. Spam is one of the most common security threats.
• Pharming.
• Phishing.
• Ransomware.
• Computer worm.
• Spyware / Trojan Horse.
• Distributed denial-of-service attack.
• Network of zombie computers.