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FOREX E – COMMERCE SECURITY PROBLEMS

There is no doubt that e – commerce is an ever green industry which will only move upwards, yet, there are several security issues that will hinder the growth of e – commerce to a certain extent. In this article a few of the major security concerns will be explained, which are the obstacles to the growth of e – commerce.

One of the major factors in recent times is the several attacks from several viruses like KAK and resume viruses which attack the famous Microsoft Outlook application. This proves that convenience allows or fuels the rapid spread of these viruses on the internet. This problem becomes even worse when rumours begin to spread about attacks on e – commerce sites which has led to consumer information being stolen by the hackers. Once the hackers get hold of the information, they ask for a ransom amount to with hold from printing the credit card details of the customers. But, consumer privacy is still the number one issue surpassing even issues such as theft and fraud. These issues can be tackled by following 4 simple objectives: non repudiation, authentication, veracity and privacy.

The issues related to privacy can be over come by encryption. The message is encrypted using a public key and decrypted using a private key.

However, hackers pose a greater threat by using viruses to attack and damage business information. Then, they stop access to a few authorised users of the web site, which makes the website produce a downgraded service by carrying out DOS or denial – out – service attacks. Highly sensitive data like catalogues, price lists and other precious intellectual property can be accessed by wrong people or getting altered or destroyed. This is just one of the several insecurities that exist in e – commerce. Another risk or concern is modifying the site by putting corrupted images which will lead the consumers to another competitor site.

Also, the financial and business information should be kept totally under the wraps else, it will be stolen.

Furthermore, all the risks given above have a huge impact on e – commerce businesses. Hackers can be arrested and filed for criminal charges under the Computer Misuse Act or the Data Protection Act. Your e – commerce business’ market share will drastically fall down once the consumers lose confidence on you. You will incur huge financial looses which will lead to unfavourable stuff and publicity.

This is the reason why it is absolutely necessary to tackle these security problems. One method to do this is to give a user name and password combination for every site. You will also need an authentication token. For this purpose a personal identification number should be given. There is also the concept of digital certificate which can be used to achieve privacy. There should be several network restrictions to access computer systems and networks.

There are several ways by which you can make your website secure. Therefore, just like all other things in life, one has to take precautions in the e – commerce industry also. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.