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COSC5000_FinalPaper - COSC 5000 HOW SAFE IS SECURITY...

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COSC 5000 HOW SAFE IS SECURITY TRANSACTIONS ONLINE 1
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Abstract Doing business over the Internet is like sitting in the passenger seat. You are not driving but you need to open your eyes to make sure you are safe. Same thing applies with the Internet. You are on the road of buying, selling and exploring, but you need to be cautious and need to have safety features. There is no doubt that e-commerce is changing and will change the way businesses do business. For example, you buy clothes, games, computers, books, and etc. What more do we want? You can have access to almost everything right in your own home with a click of buttons. E- commerce is hot. It is easy, fast and reliable. Some might go to the extreme of saying that it’s safe without a blink of an eye. But the question here lies, how safe is safe? Nothing in our daily life is one hundred percent safe. So when it comes in doing transactions online, we can not be absolutely certain that it is secure. But from the buyers’ and the sellers’ perspective, security is a big issue and they would look for any sign of security when it comes to doing transactions online. A recent survey by the Thomas Register and Visa U.S.A found that 55% of industrial purchasers expect to increase buying through the Internet over the next year. Of the 3,000 surveyed, nearly 40% said they were buying online at least once a week. That is a lot considering that security is an issue. Moreover, the survey also showed that companies are spending more money on their Internet purchases, with over 25 percent of those surveyed buying between $1,000 and $10,000 worth of products per month online. In addition, the survey found that most industrial buyers purchasing online pay by check, though many would prefer to use company credit cards of purchasing cards. This issue brings up an additional set of questions. For while those involved in Internet 2
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commerce cite convenience, 24-hour availability and quick-response time as key reasons for doing so, those who are reluctant to make the move cite security concerns as a major deterrent. I can understand why the fear is coming from the consumers’ side. These consumers are afraid an unauthorized person will gain access to their credit card number or personal account number, during business to business transactions, when it’s entered into the computer. Convenience and time saving are good. But there is a high price for that, consumers are paying their privacy. As much as time is valuable so is privacy in my opinion. In another recent surveys, consumers have said privacy concerns keep them from embracing the Web. In addition, 71 percent of respondents to the 10 th Annual Georgia Tech World Wide Web User Survey cast their votes in favor of new laws governing privacy in the Internet age.
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