E-commerce market in Ukraine: challenges and prospects

Economic development of countries across the globe is determined by numerous factors, one of which is technological progress. It is technology, primarily Internet and subsequent globalisation, that has affected international trade. Since the early 1960s, businesses have been conducting electronic transactions via primitive computer networks. The birth of e-commerce (EC) is considered to be on 11 August 1994, when CDs were first sold on the US retail platform NetMarket. The e-commerce industry is growing globally and will mostly likely keep growing.

However, along with this development, Internet security has become an issue, i.e. personal data protection from unauthorised access and theft, integrity of business reputation, anti-fraud measures to prevents financial losses, compliance with data protection laws and regulations, and system resilience against cyberattacks. In today’s digital world, data security is critical for stable operation of both private and corporate systems.