Combating Cyber Crime: Global Strategies and Cost

This paper is about E-Business / E-Commerce E-Trust, E-Security, & E-Privacy. The main topics that will be discussed are mainly from the consumers standpoint, but also a little from the E-Business and E-Commerce standpoint as well. The scope of this paper does not include details on how to establish security nor address privacy concerns.

Some security risks involved with conducting business online are imposters, eavesdroppers and thieves. Also, there are crackers or hackers, which are people who write programs and manipulate technologies to obtain unauthorized access to computers and networks. The elements of computer security are secrecy, integrity and necessity. Secrecy is protecting against unauthorized data disclosure. Integrity is preventing data from being modified by someone who is unauthorized and ensuring that the contents of emails aren’t changed before they get to he recipient. Necessity is preventing data delays or denials. It is important to establish a security policy to protect assets, to define acceptance and unacceptable behavior and to review physical and

As organizations utilize software and the internet together to make transactions and complete accounting functions, the threat of cybercrime comes into play. “Cyber crime against private business is growing, and consuming a larger share of Federal Bureau of Investigation resources than ever before…” (Kelly, M., & 42 staff, 2011)

One important part of E-Commerce is maintaining stringent site security, confidentiality for the customers, integrity, and availability, also a secure system must contain authentication verification of the user, Authorization, allowing manipulation of the resources in a specific way and Encryption for records and transactions.

Times have changed what was known as organized crime has been replaced by Cybercrimes (Heists: Cybercrimes with Ben Hammersley). Cybercrimes have risen dramatically in recent years and have become a major issue the United States and company’s face today jeopardizing as well as threatening the critical infrastructure of America (Cyberwar Threat, 2005). Sadly, the status quo of cyber security is very unstable with the advancements and growth which has put most individuals and businesses into an enormous threat (Agustina, 2015).

E-commerce applications require critical networks to accommodate video, voice, and data traffic as the numbers of users increase the need for greater performance and support is necessary. As a network in a company enables more applications and are available to more users, the applications become more vulnerable to security threats. To ensure e-commerce transactions are not compromised security technology play a major role, and there are four categories that must be addressed:

During your part in combating cyber attacks will help policy makers address the limitations of ongoing actions against malicious traffic and determine how to implement incentives for ISPs, companies and software developers to report cyber attacks (Organization For Economic Co-Operation and Development, 2008). Everyone has a responsibility, end-users included. End-users range from home PCs to corporate web servers, they are the typical target of malicious traffic (OECD, 2008). As an IT Auditor, I found that end-user contributed substantially to cyber attacks, being intentionally or unintentionally. Internet policies are put in place to define the specific actions and guidelines that should be followed within the operations of the company. However, end-users rarely take heed to these polices, due to their lack of duty to security.

The e-commerce changes the way people do business. This new deal of doing business will continue to growth adequately with the privacy protection. The confidence of the customer is very important to increase the success of the e-commerce. Thus, a good system of the privacy protection is a must for the online

Each day, millions of Americans make online purchases and millions of dollars are spent through e-commerce. Whether it is clothes, books, videos, hotels, flights or even cars, nearly anything can be bought online. It is important for consumers to be assured of their identity protection and have peace of mind when ordering online. So when online retailers do not take the proper precautions for safeguarding their customer’s confidential information, how should they be held accountable? Does the Federal Trade Commission have the authority to reprimand companies that expose themselves to a threatening data breach? These are the principle questions that are being considered in the case of FTC v. Wyndham Worldwide Corp. This case has greatly impacted the future of e-commerce and has decided how companies will be held responsible for upholding the highest security standards and protecting consumer information. As Christians, we are called to not only look after our own interests, but also the interests of others (Phillipians 2:4, NIV). I will examine the holding of this case to determine how business managers can best steward the information of customers and employees to look after their best interests and protect them from harm.

Information security is vital in organizations; more so in this era where terrorism and hacking are the order of the day. The cost of ensuring a reliable information security is high (Gulati, p.2-3). However, cyber-attacks can vary in costs and outweigh the process of security measures in place to protect information (Manske, p.55). The cost of reputation after an attack can be a major blow to the running of an organization. For instance, if an attacker access credit card information the customers may withdraw from the company or refrain from its services. Court cases against the loss of confidential information may spoil the reputation of a company . When the computer systems have been accessed illegally, the systems must be inspected, fixed and re-secured. Hackers publicly expose the hacked information; clients, sellers and investors may avoid associating with the

In recent years breaches in data security have become common place. When breaches occur, a consumer’s personal and financial information are put at risk. Cyber criminals most frequently target retailers that make a practice of storing a customer’s credit card information beyond the necessary time frame and in many cases do have in the place appropriate security protocols.

One most important thing that customers look at before deciding on transacting with a business is the privacy and protection of customer information. Without assurance that the two are guaranteed, many will drift away as they need security and protection online. Fraudsters are also over online and much are worried about the safety and security of services online. The fact that many are using services to transact their businesses, calls for more vigilant and secure platform that will protect information related to customers against breach which can lead to identity theft. Businesses that are establishing should employ more efficient cyber security strategies to ensure that they curb the problem of data breach (Gold,

In the previous five years, cybersecurity has turned into the most looked for after calling around the world. More than 90 percent of respondents to an overview directed by the Ponemon Institute (2011) detailed being a casualty to cyberattacks amid the most recent year, costing all things considered more than $2 million for each association. This number keeps on ascending as the two programmers and security devices progress. As indicated by PwC, roughly 33% of all U.S. organizations are as of now utilizing digital protection (Lindros and Tittel, 2016).

Cybercrime has become a fast growing concern for the 21st century as businesses, institutions and individuals grow into an interconnected web of computer networks. Online business transactions, along with the sharing of personal information, are vulnerable to a host of disasters that can reap economic and social havoc. Some sources say that today, cybercrime costs more than $1.0 trillion to society--Global Industry Analysts, Inc. forecasted the world cyber security market to reach $80 billion by 2017 (Gale, 2011).

Their operations are very slick and swift such that stolen data is quickly exploited within seconds of being submitted by unsuspecting victims. Since 2005, over 400,000 databases have been compromised since 2005, and thousands more have gone unnoticed or reported. About 40 percent of those involved in IT security have no fixed figure on the number of hackings their companies have experienced. One of the rapidly increasing areas of ecommerce is in the use of web-based applications to replace traditional over-the counter transactions. Hackers have expectedly, latched on. According to a study by Gartner, over 75 percent of Internet security breaches are due to flaws and loop holes in software. The reason for this is that, applications are normally designed and put together quickly to get the system running, and no time is spend analyzing and assessing security implications. As computer hackers continue to step up their operations in line with technology advancements, the securities and future industry recorded a 150 percent increase in the number of suspicious activities detected by their systems. During the same time, research carried out at the University of Maryland indicated that a computer connected to the Internet was subject to an attempted hack every 40 seconds. The battle between ecommerce websites and consumers wages on, according to an independent analyst, ‘consumers are losing a tug of war.’ Simon Smelt, an economist who runs a survey company