Under the system of e-commerce, organisations leave themselves open to attack, which can have catastrophic consequences. This is because new risks and insecurities have emerged brought about by changes in information technology and systems. This chapter outlines the characteristics of openness, virtuality and volatility associated with e-commerce systems and the technological security requirements, such as firewall software, encryption, and digital signatures and certificates. Implications are drawn for effective risk and security management (RSM). These include stakeholder participation, a holistic approach and gaining competitive advantages. From those, recommendations are made to management focusing on the effectiveness of the RSM approach, and ways to provide competitive advantages and a smooth implementation of RSM.