What are the Security and Safety of Business Transactions? Class 11 Business Studies

What are the Security and Safety of Business Transactions? Class 11 Business Studies

E-commerce-related security issues

E-commerce has had certain issues that put the security and safety of business transactions in jeopardy. The following are the most significant issues:

1. Transactional Risk: The following are some of the most typical internet transactional risks:

A) Order default - A merchant may claim that the consumer never placed the order.

B) Defective delivery — Sometimes, things are delivered to the wrong address or to the buyer with goods that were not requested.

C) Payment default — Sometimes the seller does not receive payment for the items provided, despite the fact that the consumer states that payment was made.

To avoid these issues, the vendor must ensure that the buyer has submitted the necessary cookie information. Cookies are similar to caller ID on the phone in that they provide information such as the customer's name, address, past purchase history, and so on. Customers can also safeguard themselves by only shopping on well-known websites.

2. Risks of Data Storage and Transactions– Critical information saved in the system can be stolen or modified for nefarious purposes. The following are the hazards associated with data storage:

(A)Virus (Vital Information Under Seize)– Computer viruses can be fatal. They have the ability to delete all data from the computer's memory. Viruses can infect your computer via email, disc, or USB drive. Viruses put everything to a halt, costing the company a significant amount of time and money.

3. The Risk of Threat Intellectual Property and Privacy.

Other online vendors may copy the information provided via the internet (during online transactions) and begin sending promotional messages to the customer's email box.

Read more 

Class 11 Business Studies notes

Security and Safety of Business Transactions