16. Security procedure.- The Central Government shall, for the purpose of this Act, prescribe the security procedure having regard to commercial circumstances prevailing at the time when the procedure was used, including-
(a) the nature of the transaction;
(b) the level of sophistication of the parties with reference to their technological capacity;
(c) the volume of similar transactions engaged in by other parties;
(d) the availability of alternatives offered to but rejected by any party;
(e) the cost of alternative procedures; and
(f) the procedures in general use for similar types of transaction or communications.