Legal guarantees for commercial transaction from cybercrimes
1. Background
In modern times virtually all business transactions take place over online platforms. Cyberspace is driven by new innovations, which are increasingly aided by new technologies including internet of things (IoT) or Big Data. Commercial transactions are governed through laws developed with physical methods of communication in mind and legal guarantees were created during the physical era; therefore, cybercrimes laws are being developed globally which seek to provide legal protections for online commercial transactions. Cybercrime is an umbrella term used to describe two distinct but closely connected criminal activities: cyber-dependent and cyber-enabled crimes. The former are a new set of crimes which involve an attack on the computer system or network itself, including hacking, viruses, distributed denial of service (DDoS) attacks. The latter are traditional crimes such as fraud or theft which are carried out over a computer network.
Challenges of protecting online commercial transactions from cybercrimes include: the use of emails or instant messaging as evidence of commercial transactions; the use of electronic signatures; the use of cryptographic codes to secure electronic communications and the use of biometric information within financial institutions. Common fraudulent and harmful online activities, such as scamming, cybersquatting, cyberattacks, PIN theft, hacking and phishing. These need to be criminalised and prosecuted in order for online commercial questions to be protected.
2. Research Question