BY: CAROLYN KENNY
PROFESSOR JAMES KEENAN
JUNE 10TH 2015
The below proposal is directed to provide a law that will have regulatory measures in order to protect transactions that have been completed with the U.S.A. For many years now many businesses are doing business over the internet or via E-Commerce which continues to rise on a yearly basis, however lately there have been many cases where fraudulent activity is happening over the internet. , however, quite of late there has been many reported cases of misuse of the same.
Since there is no law that has been put into place that will watch over the cyberspace transactions there needs to be a law put into place so that customers and consumers will be able to trade their products online without the worry of misuse.
Identity Theft is a large problem that seems to be occurring a lot of as of late. Many people are doing this anonymously and are hacking into people’s personal email account which contains a lot of personal information such as physical address, phone number, passwords and user names. Many times people are doing this for their own benefit and trying to hurt other people in the process. Once a person has this information it could be a while before someone actually realizes that they have had their identity stolen and the repercussions of that could be costly.
A lot of times people are getting emails or phone calls in regards to stating that personal information is needed in order to complete a transaction or they are just calling to get you to verify your credit card information so that they can use this information to purchase anything they want. This process is called Phishing, “process where a targeted individual is contacted by phone or email by someone who is posing to be of a higher authority in order to gain this personal information (What is Phishing, n.d.)
Finally, the last problem that would be address would be the stealing of intellectual property. This is when intelligent cyberspace users will steal others information when it comes to privacy rights, trademarks and, violate the copyright laws. These criminals will use this property to their own benefit and will harm the original legitimate owners.
When it comes to the proposal this law will require that all business or companies who is doing business one way or another through the internet have to submit the transaction to the national cyber security agency before the transaction could be completed. Doing this will be able to catch any wrong doing prior to the transaction completion. The cyberspace national security will need to have complete access to the websites at all times so they can go through any time they want and make sure that the transactions are being completed correctly and watch for any discrepancies that would trigger an investigation.
If a criminal is caught breaking the law and found guilty a penalty will be issued in the amount of $250,000 and if the offender has a prior conviction of the same they will be given a jail term of 5 years plus an additional $250,000. Each time a criminal is caught the penalty and the jail time will increase (Consumer Law and Regulations, n.d.).
Businesses need to always play a role and making sure that the security agency has the access that they need in order to assessments and this is more than the normal business standard procedures as this proposed law again gives them the access on a 24/7 basis. The consequences that this could cause with the business is that the data could have a large impact on the prices of their stock and how well they are being competitive within the current market. The data will also reveal just how much the company is at risk for these different kinds of threats due to not having enough security firewalls that are in placed or not allowing the agency to due to their job. This will cause the company a lot of time and resources but could