The growth of the Internet, globalization of trade, and the rise of information economies have remodeled the role of information systems in business. Along with the introduction of many new benefits and opportunities, ebusiness has created a new set of challenges. As organizations open their doors to employees, partners, customers and suppliers, to provide deeper access to sensitive information, the risks associated with ebusiness increases. It has undoubtedly increased the amount of confidential information at risk, which can lead to financial and reputation loss. Thus, a wellstructured information risk methodology is a must, especially for big corporates. The reality of ebusiness possesses several threats like identity theft, spyware, cyber extortion, etc. With the increasing threats and corporate governance requirements, the need for securing corporate information is of utmost importance for the Chief Information Officer (CIO) and board of directors. Businesses, therefore, need to be aware of the new cyber threats and the measures to mitigate the repercussions of such events optimally. Adding to the challenge of securing information is the increasing push for corporate governance and adherence to legislative requirements. Failure to provide privacy, and noncompliance with IS audit and internal controls could result in penalties like a large fine or even a jail term for executives; and also, cause possible threats to the viability and reputation of a corporation. Laws such as GLBA, HIPAA, and the European Data Directive include requirements for the privacy and security of information. Without the ability to access information or trust in its integrity, organizations cannot do business. Governments and industries worldwide must join together in a big way to actively protect critical infrastructure and information systems that consolidate our economy.

Business historians will certainly remember the beginning of the second millennium as a time of unprecedented changes in the business world. In a span of few years, all the industries have been radically transformed, hundreds of thousands of new businesses have been spawned, and fortunes made and lost by entrepreneurs and investors, all as a result of `digital' technologies. New technologies, such as the Internet, digital television, mobile telephones and intelligent home appliances have all reached the critical mass and at the same time are poised to revolutionized businesses in a way not seen since the Industrial Revolution. Over the last few centuries, human beings have experienced two major revolutionsthe industrial and electronic revolutions. The former transformed our society from being agriculture based to industrial based, whereas the latter transformed our society from being mechanical based to electronic based. Turban (et al., 2000), aptly observes, "As we enter the 21^st century, we are seeing the beginning of a new revolution, namely, the network revolution. It interconnects different parts of the world, enabling the seamless flow of information. The Internet is the engine of this revolution and electronic commerce (or ecommerce) is its fuel."

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