short answer Exam

SHORT ANSWER EXAM

Coursework Name and describe different transactions . What was the last type of transaction you initiated ? Why do we need new payment mechanisms today

Transaction is a process which involves an agreement between two parties which could be in the form of communication , or movement carried out between separate entities or objects , often involving the exchange of items of value , such as information , goods , services and money

Following are the some of the types of transactions that may take place

-POS Transaction

-Financial transaction

-Atomic transaction p

-Database transaction

The last type of transaction that I initiated in was a POS transaction as I used my ATM card to withdraw cash from the ATM machine . New payment mechanisms are needed today due to the increasing impacts of globalization which has turned the entire world into a Global village Today business operates worldwide . This in turn calls for an efficient means of transferring money and making payments , thus we see the increasing use of e-commerce , particularly e-banking and ATMs

What risks exist when doing business over the Internet ? Who bears the greatest risk and why , vendor or customer ? What can you do to lessen the risk of transactions over the Internet

Where on one hand Internet has provided businesses a huge opportunity of expanding their business without making a great deal of investments there are certain drawbacks that it brings along . The greatest risk of operating business on a global level over the internet is the risk of data security mainly . According to me , the greater risk bearer in a transaction over the internet is the vendor because the customer is backed by Cyber crime laws and regulations which provide him security during the transaction , however , the vendor has to ensure the fact that the services he provides over the internet are fool-proof , secure from every aspects . Since vendor runs the business he bears the risks too

One can install security softwares such as anti-viruses and firewalls and use data encryption when transferring data over the internet to ensure it doesn 't benefit the hackers , i .e . he has to make sure the business operates under secure networks

Find on the Internet instances of hackers holding companies hostage and explain

Mitnick Security Consulting , LLC is a full-service information security consulting firm . Founded by Kevin Mitnick , Mitnick Security Consulting offers a comprehensive range of services to help businesses protect their valuable assets .Online vandals , apparently operating from Pakistan , broke into the computer hosting Mitnick 's Web site on Sunday and replaced his front page with one of their own . As a result , four Web addresses belonging to Mitnick , including KevinMitnick .com and MitnickSecurity .com , displayed an explicit message on Mitnick and hacking (Evers , 2006 . Mitnick heard out about the defacement on Sunday afternoon , shortly after the initial compromise , he said . The attackers gained complete control over the server that hosts his site as well as others at hosting provider Hostedhere , Mitnick said . It is common that hosting companies store multiple customers...