1. Exposition
The role of PKI’s and its essence in gauging and controlling online access of customer web and online information is critically analyzed and given a prior enquiry
PKIs, Online Security and Business
This part centers its enquiry into the public key encryption and the results or consequences it poses on business. It forms the rubric of the paper.
How the PKI’s enhance Business Security
PKI’s adoption and installation in different business environments has had the competitive advantage of improving internet and online security. This part examines how this level of indulgence has led to increase in business transactions through the online portals and the overall effect on business.
PKI’s Role in Business sectors
It takes different approaches as indicated below
1. End to end banking
Describes the ability of end users to transact business through access of the bank accounts over online systems
2. Product access control
This refers to the restriction that companies have on the access of already purchased items, hence controlling business involvements by unwarranted access through PKIs
Challenges of PKIs to Online Business
Develops an analysis of the challenges that the PKIs set the business fraternity and the implications on an overall stand.
PKI’s facilitation of communication in Business
This is an evaluation of the role of PKIs in enhancing security of communication through online systems. It is done in relation to a business perspective.
Conclusion
This is a summary of the discussion and a restatement of the thesis in relation to the role of PKIs in global business
As technology improves and develops throughput the globe, business people are on a constant reappraisal of their modes of communication and the use of the internet. The public key infrastructure has therefore been faced with challenges of maintaining stability in the security of businesses.Voice & Samuel (1999) note that a report by the CSI and the FBI in 1999 revealed that the world was experiencing major security threats in the running of business through the computer systems and its associated gadgetry. For instance, it was estimated that almost over $100million was being lost annually in crimes relating to the public keys and breach of internet online securities. The use of PKIs in authentication of online business transaction leads to improved security and hence greater business transactions due to increased online security. However there may be challenges of the electronic cryptology leading to a negative trajectory in business as shall be expostulated in this essay.
Exposition
The online supply of data especially of credit cards and other vital information may lead to hacking of information through the cybercrime and other malpractices that have continued to shake the foundations of the computer world. Rocaet al. (2009) claims that most of the computer crimes that are bound to occur in the world today are as a result of careless use of the data encryption systems. Members who are affected in most cases are found to have indulged in less secure methods of log in or to have shared critical information with members of the public. Salzmann (2000) argues that internet security and the use of passwords and other security measures through the electronic certifications should be enhanced and owners remain more vigilant so as tom avoid such inclinations from happening. Business transactions have been majorly affected thus meaning that the success of business, especially through the online transactions is pegged on the security. Roca et al. (2009) observes that ensuring that an enterprise or an organization has stable Public key infrastructure forms the basis of stability and proper business transactions. It will therefore form the cornerstone of business transactions.
PKIs, Online Security and Business
Public key infrastructures in business have been found to pose great advantages in the business world. A through scrutiny into business transactions and the role it plays in adding to the business world can be observed by studying Neogi and Cordell (2010) proposition of the business model of PKIs. Neogi and Cordell hold that the PKI is the cornerstone of online transactions. This he says that the PKIs can improve the level of security in the online transactions thereby leading to greater trust from the public. The PKIs can improve the transactions speeds and magnitude from the lowly supported, manual client support to the multifaceted approach that is reminiscent of the transactions adopted by the same methods. This reduces the costs of production leading increased speed in handling customer or client transactions, thus greater profitability. However the success of these methods is all pegged on the integrity of the PKI methods used. Therefore as Salzmann (2000) argues, the business environment will be exponentially elevated in the mode of performance through adoption of the most secure way of enhancing the online security.
PKIs provide the most secure method of combating the cybercrime, frauds and other malice that are associated with the online transactions. Newswire (2012) notes countries such as Austria, India, Kazakhstan, Belgium and Easton have increased their investments in the PKIs after realizing that the US and other developed countries provide the most secure way of combating online frauds. Therefore major business booms have been witnessed through the improved web security.
How the PKI’s enhance Business Security
Voice & Samuel (1999) advance that with improved web security; there will be more transactions through the online systems. This is due to the improved trust and confidence that members built of the online transactions (as a result of the implementation of proper PKI systems). Communication of organizations through the e-mail support systems, the e-business transactions, remote access and the enterprise resource planning has been boosted through the improved security that is adopted through the mode of transactions in the web and online works. There also other advantages that the PKIs have played in the business world. Newswire (2012) estimates that companies utilize close to $36 in handling and processing of hard copy formed in the banking and other business issues. The PKIs provide the most secure and cost friendly mode of transactions. Newswire (2012) points out that on average the cost of filling the online forms and the digital electronic signatures will cost $4 in the overall process. This means that the online transactions are cheaper and hence reduce the cost of handling business transactions. Organizations will therefore experience steady growth through the convenience that is created by adoption of this method. This as Voice & Samuel (1999) notes will lead toa greater enabling of work flow applications. An improved work flow application means that the business is improved and boosted.
PKI’s Role in Business sectors
End to end banking
The PKIs have also had a positive implication in the running of activities in the banking sector. Newswire (2012) records that the Scotia Bank in Canada, (one of the big five banks) utilizes the PKI in the online banking. Here members are allowed access to their bank details online under stringent mechanism of security measures. The bank’s details are outlined in digital signatures and customers are allowed access to their bank details upon login through an electronic system. The bank currently handles over 1 million members who are actively involved in online transactions through the PKI enabled systems. The company has extremely cut costs of operation and the transaction periods. Wilson (2003) argues that the traditional methods of posting confidential information to clients and customers are long gone. Through the digital signatures and the non-repudiation of the PKIs, the banks have easily created online portals where it is only the owner of the account who can access particular information. The information that is shared among the customers is encrypted in a way that only the intended person can have access to it. This has reduced the transaction period thus increasing the penetration of market through the increased methods of correspondence. Correspondences in through the e-mails and other online submission through the web–enabled PKIs have increased the level and scope of business that is adopted by various organizations and companies. This has resulted to reduction in the cost of running such business. The reduction in the number of employees who are vested with the duties of handling particular assignments has also been witnessed. Reduction in the number of the human resource needed for high quality working and service delivery has led to reduction in the production cost thereby increasing the extent of profitability. This eases off the steam of communication and facilitates that transaction of business.
Salzmann (2000) asserts that the secret to business success is to understand clients and confiding to their trust. Winning the trust of people and providing the most basic confidence level and comfort while transacting business at their disposal is one way of increasing their confidence and ability to adopt the same methods of business thrive. Marketability through word of mouth and good spirit pose as big advantage to business. Through their satisfaction and recommendation of the methods of transaction and its reliability the business cycle in the global consideration is bound to increase tremendously. This therefore leads to more business outputs than the ordinary methods which are adopted by the various businesses in the world. The online business transactions increase the penetration and remove the demarcation of space and distance. Customers through the trusted PKIs are able to order for services and products thorough online systems. The company or organizations running the business are then able to handle the transacting online through the online payments systems and ship the products to the buyers. This therefore leads to ease in transactions hence boosting the business.
Product Control
There is also the product control venture in businesses that can be adopted through the use of the PKI. Salzmann (2000) observes that companies have continued in the use of PKI in controlling and restricting the number of people who can have access to the products that are purchased from their stores. This is for instance is applied by the gaming companies, the paid TV and other companies that utilize the online or offline password restriction to their products. Newswire (2006) notes the restriction helps the companies to avoid duplication of products and control the number of people who have access to their products. This has reduced the number of fraud cases and the people who are tenable to enjoy the services of such companies without the legal hold have been adequately locked out. Embarking on such mechanisms and procedures has led to increased business as the companies control and leverage the extent to which the public has access to their services. This sustains their business as only the valid and legally bounded customers are able to access the services.
The restriction of sharing or getting access to already purchased products of such nature leads to optimization in business returns. Members who have subscribed to the service are able to continue enjoying the service if only they pay for the services. If the client’s subscription into the products and services expires, the members can be automatically logged in through the online restricted member only sections, where they are able to renew their subscription. On the contrary, the company can also terminate the contract by switching off the clients who do not follow their systems. The Public Key infrastructure is thus helpful in licensing and allowing the public access to online portals. This reduces the number of members who can fraudulently access their services. This controls the traffic flow and hence ensures a sustained business growth and expansion.
Challenges of PKIs to Online Business
Wilson (2003) notes that the advent of PKI in the online and computer aided business transaction has had a lot of advantages and merits. However, the same method of business transactions has brought with it major security risks and uncertainties that continue to haunt the business arena. Report by Roca et al (2009) indicates that most people still do not trust the PKI systems and infrastructure. This has negatively affected business as most people do not have full trust in the security details of the programs. The PKI infrastructure has in the recent past suffered major security breaches. This scares people who have not yet developed full trust in the overall functioning of the programs. The fear of the unknown and lack of adequate knowledge has therefore emerged as a potential turn down for members who may harbor thoughts of utilizing this venture. Wilson (2003) observes that the problem is more pronounced in the developing countries where members are subjected to the uncertainties and unpredictability of the program.
Lack of information and technical knowhow has led to antagonism of the efforts of businesses which have already utilized the systems and infrastructural development of the time. Neogi and Cordell (2010) speculate that most members who operate on the PKI systems face a dilemmatic situation when it comes to external markets especially in the African and the Asian continent. Roca et al, (2009) agrees that most of Asia and parts of Africa have not yet fully utilized and embraced the PKIs infrastructure. Therefore the business efforts that are advanced by different members in bid to transact business with members from these countries are impeded leading to losses and potential loss of customers. The euphoria that is associated with the malfunctioning of PKI in such areas is responsible for the hostile and harsh critique that is associated to the efforts of installing such infrastructure (Roca et al., 2009). However with increased global interaction and business transactions, more members have continued to embrace the idea and the use of the PKI has therefore increased tremendously leading to major greater market spaces all over the world.
Another negative influence of the PKIs in the global business can be drawn from the hacking and penetration of user identity (Ranger, 1999). The hackers and other malicious attackers on the internet and other online systems have had a lot of negative impact on business. The security levels of the online systems in companies and organization need to be secured in order for this infrastructure to work. Hackers may for example penetrate the systems and make adverse changes on clients profile and records. The exposure of confidential records to members who are not authorized to transact business with the business partner may lead to major losses in the transaction space. This has therefore put many people at risk and in mistrust of the companies which operate business. Bradbury (2005) points out that the infrastructural development will have a lot of positive impact if the members and customers rely on each other and operate in utter trust and confidence. Anything that goes contrary to this may not work.
PKI’s facilitation of communication in Business
Communication over the internet has been area that has been boosted in the business frontiers. Lim and Paterson (2011) observe that the internet has served as one of the most versatile business entities in the world today. There are millions of new subscribers into the internet as social sites on a daily basis, thus meaning that the world is changing firstly from the ordinary forms of business transactions to the more convenient way of transacting business. The changes in the world of communication through the e-mail, chat over the social media and ordering of goods and services over the same has been on an increased trend. This therefore has led to greater business ventures over the networks. As a major security reprieve and prevention of information insecurity that is common of the online activities, governments and business entrepreneurs have invested in the PKIs infrastructure. The public infrastructure has sustained growth in the business world as the security options are tackled. For instance the problem of user authentication and proof of identity has been amplified. This accountability and transparency is vital in influencing the transaction ability and power of the customer. Neogi and Cordell (2010) observe that when members’ security is well guaranteed for their business and the online transactions, they will increase their level of business involvement in the online portals. This will therefore enhance the business underpinning and the production .One is bound to experience more productivity through increased online investment and reliability over the internet. The market that is occupied by the internet is quite unanimous and the secret to harnessing it is through ensuring internet and online security. This as Lim & Paterson (2011) notes has been the key challenge to most businesses in the online interaction portals. Harnessing the potential means arresting the business potential; that it comes with.
Conclusion
The public key infrastructure and its role in business in a global consideration is a vital security resource and option in the market industry of various companies and organizations. This therefore means that online security and consideration should be given more emphasis in as far as the process of enhancing online business transaction. This forms the basis of elevating business through the major economic advantages poised by the internet. The ease in communication and increased online activity from various people all over the globe has therefore led to great market potential for the organizations. The challenge as faced by most online users and organization is the online security. The PKIs development and electronic cryptography that is utilized by the infrastructural development will therefore help solve the security and internet fraud issues. Its development will positively impact on the development of market options and hence boost business transactions on a global standing.
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