Write a essay on emerging digital markets issues and challenges to consumer protection
Answers
Emerging Digital Markets: Issues and Challenges to Customer Protection
The world has been swept over by the tide of computers, internet and IT Revolution. India has been seriously inundated with this tide of technology! As a consequence digital markets in vogue! Owing to the ease, convenience, time-efficiency, round-the-clock availability, almost everything is being done online using the internet. There is not a single sphere or walk of life where social networking and media are not being used! Education, industry, finance, defense, teaching, learning, research, medicine, accounting, entertainment, internet, online teaching, telecommunication, media, and space research and exploration. It is internet and computer everywhere. People are doing business online; financial transactions worth millions are being done online.
With the increasing online activities on internet, personal data of people is vulnerable too. If digitization has brought convenience and ease of doing work on one hand, it has also brought many challenges such as downtime, failed transactions, delayed transactions, frauds, not being able to transact in emergency, data privacy, poor customer support system, etc. In order to make digital markets foolproof, the service providers must get rid of the technical glitches mentioned above. Digital markets are exceedingly fast in functioning; the service providers must handle its challenges quite proactively.
The customers’ sensitive data must be protected using advanced protection filters and PINs. The Government must make strict and efficient cyber security laws and rules and regulations. The offenders’ tracking system must be exceedingly agile and the offenders must be brought to justice without any delay. The Government must ensure cyber security for the efficient functioning of digital markets and transactions.