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Electronic commerce and information securities are growing areas of concern to user communities New applications new users and faster connections have spurred the Internet to become an important medium for communication information dissemination and commerce Nevertheless planned and current security policy regarding the Internet is not well developed In its absence entrepreneurs venture capitalists technologists and other nations are amassing knowledge and funding so as to exploit the benefits of the new age The complete lack of federal involvement in this realm would be felt by the lack of a cohesive national policy the disadvantage our corporations would face in competing against large foreign conglomerates and an alarming disarray of protocols that do no inter-operate become static and ultimately fail However a partial and misguided federal involvement could be even worse--purposefully crippling the capabilities of our technological sector to meet the worl d-wide demand for secure and interoperable communications and commerce Many constituencies are beginning to recognise that the growth and benefits of the Internet are explained by a combination of economic technical and policy factors Positive economic network externalities such as the bandwagon effect economies of distribution and scale and statistical sharing other benefits are the interoperable and layered approach of the Internet and the distributed peer-to-peer architecture Unfortunately information security does not tend to exhibit positive network effects instead it takes an immense amount of knowledge foresight and technical skill to design an effective infrastructure However the giddy expectations of the Internets abundant information resources and new market potential cannot be fully realised until the alarm over the lack of a security policy expressed by some federal agencies businesses and the public has been addressed In analysing security risks for an e-business i focused my attention primarily on those aspects of electronic money products that are different from conventional payment instruments such as credit and debit cards and electronic funds transfers These include in particular the use of smart
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