E-business Security In International Perspective
N. L. Karmakar · WIT transactions on information and communication technologies · 2004
Security is a key barrier for reaping the full benefits of e-Business in an organisation. The term ‘e-Business’ is used in academic and business circles very frequently since the beginning of the new century. This is not just about commercial transactions over the Web, it is the overall strategy of redefining old business models using new technology to maximise customer value and profits. E-Commerce, an application of e-Business can be used to create virtual global trading collaborations among customers, suppliers, distributors and financial institutions. This radical shift in business paradigm is creating a huge market in cyberspace. The new world of e-Business has been the source of wealth creation for some developed countries, the USA in particular. It is projected that the USA will have up to $7 trillion in online trade by 2006. In spite of this huge potential, it has some set backs that have questioned the reliability of the Web. In 2001, online fraud losses were more than $700 million, or 1.14% of the total online sales of $61.8 billion. The new technology is constantly developing to keep eBusiness applications over the Internet safe and secured. The purpose of this paper is to explore major e-Business security issues from an international perspective. With the rising importance of e-Business, security will become an even more pressing concern.