Hridhya T.V, LL.M (Corporate and Commercial Law), Christ (Deemed to be University), Bangalore
ABSTRACT
In today’s online-centered world, companies and businesses use the platform of the web to sell their products all over the world. E-commerce can be referred to as the buying and selling of goods or services using a medium such as the Internet or conducting any transaction that involves the transfer of ownership and the right to use goods or services through the online medium. Physical markets are now being antiquated as most consumers shifted to the online marketplace. These days e-commerce is a massive field, and there are hundreds and thousands of stores selling products to billions of people. It is a booming industry. It offers unprecedented opportunities for companies to reach a wider market and for consumers to have more choices. However, the digital revolution is accompanied by a spectrum of challenges and vulnerabilities collectively referred to as e-risks. The paper begins by examining the security risks inherent to e-commerce, including data breaches and cyber-attacks which pose a great risk to the confidentiality and integrity of sensitive customer information. The study delves into the regulatory and legal intricacies associated with cross-border e-commerce, highlighting the complexities businesses encounter while navigating diverse international regulatory frameworks, and also about the legal framework in India to protect consumers and to develop the e-commerce ecosystem of the country. To mitigate the identified e-risks, the paper recommends a comprehensive approach encompassing robust cyber security protocols, stringent data protection practices, secure payment gateways, and enhanced customer service. For consumers, adopting vigilant behavior, safe browsing practices, and informed decision-making is essential to navigate the e-commerce landscape safely. The methodology followed is descriptive. The sources referred to will be secondary, like textbooks, journals, internet sources, articles, etc. This research paper provides a comprehensive overview of the e-commerce ecosystem, illuminating the intertwined nature of its benefits and e-risks.
Keywords: e-commerce, e-risks, data breaches, cyber-attacks, phishing, data protection, cyber security.
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