Commerce as the Transfer of Goods and Services Coursework

Commerce as the Transfer of Goods and Services - Coursework Example The arena for making agreements prior to sealing of a transaction varies. The buyer and seller may meet face to face, they can communicate through the telephone or they can do that through the web commonly known as the interment. When such agreements are reached over the internet followed by the transaction getting sealed (buyer gets commodities bought delivered to him and the seller gets paid by the buyer), then this is termed as e-commerce or e-business. Just like in any business, there have been instances of fraud in e-commerce. If one is able to commit fraud when the transaction is conducted face to face, how much more is this possible when business is conducted over the web Most businessmen have been defrauded and buyers conned. This led to the need for beefing up security as far as e-commerce is concerned. The security function in the websites belonging to buyers has been the very essence of doing business. One needs to verify the validity of the seller and the buyer needs to pay beforehand. Even though the amount of security has increased in the recent years, the hackers keep on being creative by the day thus also requiring innovation as far as the security function of e-commerce is concerned. E-commerce is picking up as a popular way of doing business not only on the retail section but also the banking section. It entails doing business over the web in which the seller and the buyer are both connected via a web browser. Since anything that deals with the computer and the web to be precise is prone to hacking, spying, sabotage etc, it is important that a security component is emphasized when using the web. This security function becomes mandatory when using the web for business. However, the security needs to be upheld to a given degree which is of dual function in that it doesn't impede on the efficiency of transactions and still it doesn't leave obvious holes to the hackers' advantage. The seller's website needs to be well protected and secure against fraudsters and hackers but at the same time, the security components should not suffocate the website to a level that the efficiency of business transactions is impeded on. The buyer has the obligation to identify his/her s ecurity objectives: there is need to know what it is that the seller needs to protect and what should be left open with considerable trust to enhance business transactions. As much as some reasonable degree of trust is necessary for conducting business but too much trust is dangerous to the wellbeing of the very business that you fight to enhance through trust. Therefore, once the seller has identified what to protect and what not to, he has successfully defined his security objectives and this help does create a security policy which must be implemented.