Commerce implosion on the Internet?

Sometimes I wonder if the Internet has any chance of surviving as a place of commerce. Today, there are reports that Yahoo’s email system has been hacked (see CBC report), and passwords stolen. It seems every company — and every individual — are targets of hackers and thieves, i.e. criminals, who are coming up with more and more sophisticated ways of stealing. Many, if not most, people with email accounts are victims of attempted fraud every day, i.e. lowlifes coming up with all manner of scams to steal from you. Little wonder that some people just won’t use the Internet for financial transactions. Indeed, I know some people who won’t use the Internet at all.

I’ll continue to use it for things like blogging, but not for commerce. Though, I am aware that even when you do your banking at an ATM or with a real live teller at the counter, all the information is stored in their computers, which are plugged in to the Internet and the international financial system, and that hackers are targeting them, too.

But sooner or later, the system may implode because some hackers go too far, and then there will be financial chaos.

Such is the tangled web that the Internet and our economic system weave . . .

— Jillian

2 thoughts on “Commerce implosion on the Internet?

  1. Even when there is no criminal activity involved but a major banking group’s system goes does down for just three hours leaving its customers in the lurch, as with the UK’s Lloyds Banking Group problems on Sunday (http://www.bbc.co.uk/news/business-25914013) all Hell can break loose.

    There are plenty of cases of criminal activity, too, and maybe the largest was about 10 days ago when 20 million South Korean’s credit card details were stolen (http://www.bbc.co.uk/news/technology-25808189).

    We are becoming too dependant on the Internet for financial services, without retaining legacy systems as safeguards. Our banks worldwide have shown themselves to be capable of messing the world economy up all by themselves without the intervention of systems failures or criminal activity.

    Should the criminal element exacerbate the problems we already have, then there could be global economic meltdown that would put what we have seen so far in the shade.

    I did say in a reply about mind reading a day or so ago “if our civilisation lasts”. I think our dependence on our banking system, and its dependence on technology, is definitely an “Achilles heel”. I won’t be in the criminals’ interest to bring down the system, but who know what they might achieve inadvertently.

    As Isaac Asimov put it a while back, that is just on of “A Choice of Catastrophes” that face our species.

    Like

    1. We’re living in the material world . . . as a transcendentalist, I hope there is something better awaiting us in some of the “many mansions” in the spiritual sky . . . Smiles . . .

      Like

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