Cyber Threats on E-commerce

Technology and the internet have created great advancements over the years. Not only when it comes to leisure and entertainment, but also on our daily lives and errands. The most helpful is e-commerce. Nowadays, we can easily shop, buy, and pay over the internet. However, despite the extra convenience it has given us, internet purchases also made us more vulnerable to cyber culprits and cybercriminals. Cyber threats and cybercrimes are one of the biggest drawback and problem in e-commerce. And the bad guys in the cyber world are just as ominous and bad as the bad guys in real life. With the many services the internet could offer, they also made an extra effort to be able to provide us with free criminal records that we can easily access and view.

What is E-commerce

E-commerce is also known as electronic commerce or internet commerce. It includes the activity of buying and selling products over the internet through online services. Because of recent technological advancements, e-commerce has become very famous and more frequently used by consumers and buyers. Electronic commerce includes technologies such as mobile commerce, funds transfer online, supply chain management, Internet marketing, online transaction processing, automated data collection systems, and many more. In order to regulate threats that may affect e-commerce, we must know and be familiar with the different types or models of e-commerce.

E-commerce Models

Source: Business Encyclopedia

There are four common e-commerce models

Business to Consumer

When a business or industry sells a good, product or service to an individual consumer.

Business to Business

An industry or business sells a good or service to another business.

Consumer to Consumer

This tends to be common nowadays, this happens when consumer sells a good or service to another consumer.

Consumer to Business

Someone, mostly a consumer, sells their own products or services to a business or organization.

Examples of Ecommerce

E-commerce can take on many different examples of forms involving different transactional relationships between businesses and consumers, as well as different objects being exchanged as part of these transactions.

Retail

The sale of a product by a business directly to a customer without any intermediary.

Wholesale

The sale of products in bulk, often to a retailer that then sells them directly to consumers.

Services

A skill or set of skills provided in exchange for compensation. The service provider’s time can be purchased for a fee.

Subscription

The automatic recurring purchase of a product or service on a regular basis until the subscriber chooses to cancel.

Digital products

Downloadable digital goods, templates, and courses, or media that must be purchased for consumption or licensed for use.

Physical products

Any tangible good that requires inventory to be replenished and orders to be physically shipped to customers as sales are made.

Dropshipping

The sale of a product, which is manufactured and shipped to the consumer by a third party.

Crowdfunding

The collection of money from consumers in advance of a product being available in order to raise the startup capital necessary to bring it to market.

Threats and cybercrime

Cybercrimes are electronic and techy versions of age-old crime. Before the new information technologies existed, a con artist would go from house-to-house and use his communication skills to gain the confidence of his victims. In the current day, a con artist makes use of the Internet and online communications to perpetrate his crimes. Cybercrime is a criminal act that involves the internet, computers, and networks.

 

This crimes over the internet basically include phishing, stealing information and even money, and there’s so much more. You can read them in this post. Just even a basic knowledge of cybercrime is essential to e-commerce companies. Each year, companies lose millions and billions of dollars in stolen assets plus lost and damaged business, and damaged reputations as a result of cybercrime. Money is stolen, literally with the push of a button. When a company website goes down, e-commerce stops. When a company becomes the victim of cybercrime, this hurts the company’s reputation as well as the consumers. It is a fact that companies must strive to defend against cybercrime.

E-risk

With e-commerce, comes e-risk too. So what is an e-risk? E-risk is the potential for financial and technical problems to result from doing e-commerce. Developments in economic, industrial, and regulatory conditions create new challenges for business. The internet is open to bad guys who look for computer networks to exploit. Some people make an effort and try to hack into a business firm’s computer system just to see if they can. If access to the system is acquired, hackers can potentially cause major problems by stealing, deleting or modifying data. Rather than hacking into systems, some people create problems by writing computer programs that replicate themselves, creating a virus, and sometimes carry out malicious programming instructions such as erasing files. These computer viruses can cause major difficulties for computer systems. Information systems must be able to defend against computer viruses and other threats.

Digital forensics

The progress of the e-commerce industry has facilitated and inspired the progress and growth of multiple businesses, it has cut down cost associated with actual building and offices and the like, it has also brought convenience to both customers and business owners. However, amidst the benefits of e-commerce, it is faced with serious security problems, which put the safety of the consumers on an edge and the reputation of the firms under scrutiny. There is, therefore, the need to up the game of competent computer skills such as the use of digital forensics to combat these security problems that confront e-commerce.

Digital forensics include investigation and recovery of evidence and facts in the technological or cybercrime. This is where extra computer skills, tools, and expertise are employed to find those who are guilty of cybercrime or stop them from advancing and pushing through their crime over the internet. There are many ways to protect our websites, information, and businesses over the important. What is very important is that we try to learn and progress with technology as well in order to catch up and protect what we need to protect online.

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