7 - E-commerce and Cyber Security Flashcards
What is electronic business?
Any online transaction
What is e-commerce?
Part of e-business and involves use of telecommunications to provide or exchange products and services
Requires the Digital transmission of accounting transaction info
Benefits of e-commerce?
Geographically dispersed customers Large volumes of data More time to fulfil orders Lower overheads Increased range of inventory Lower stock cycle times Better customer service Lower sales and marketing costs Competitive disadvantage not to have one
Benefits of e-commerce to consumers?
Electronic delivery straight to device Increased availability of info Greater range of products Browse and purchase 24 hours Locate more competitive prices Increased personalisation
Risks of e-commerce
Financial
Reputation always - poor website
Legal - laws and regs
General business risks for e business?
New venture being unsuccessful Loss of competitive advantage Cash flow difficulties High customer expectations Loss of intellectual property Reduction in customer satisfaction
Accounting policies and issues with e business?
Revenue recognition - principal/agent, offers and discounts, cut off
Returns
Stock levels
Specific risks of e-commerce? And controls
Data theft and loss - encryption
Electronic contract - disclaimers, t&c tick box
Server failure- remote service, back up, anti virus
Compliance- training, legal advice
Returns- inventory management, policy
Impersonation - passwords, training, software
Privacy (keep customer data secure) - passwords, secure systems
DESCRIP
GDPR - 25 May 2018
General data protection regulations
All orgs collecting and processing personal data
Broader definition
How store and use
Up to 20 m fines or 4% turnover
Notify ICO within 72 hours of breach
Right to be forgotten
Right to access
