Sample Company Breach Memo

In 2023 alone, there were thousands of data breaches that affected millions of people and it continues to be a growing problem as the years progress. The article in question provided an example of a company notifying their clients that a significant data breach has occurred, what information was potentially retrieved by the cybercriminals, and recommendations of steps to take for the customer following the breach. The company that experienced the breach hired a cybersecurity team to minimize the damages and safeguard the organization from further cybercrime, with local law enforcement providing help with an investigation to bring the perpetrators to justice. A few details that I found intriguing in the breach report was that it took nearly a year to discover the breach, law enforcement asked the company to delay informing the customers for the sake of the investigation, and that the company hired a cybersecurity team as a third party instead of having an internal department. Two economic theories I feel connect with the article would be Laissez-Faire and Rational Choice. Laissez-Faire is a theory that suggests that the government not interfere in economy unless it is to protect individuals inalienable rights. In the article, law enforcement stepped in to ensure a proper investigation was conducted but also to prevent more sensitive data from being stolen for the personal protection of all customers involved. The rational choice theory establishes that a business makes choices in the best interest for the success of the company, specifically what they invest funds into and protection platforms they offer. The article showed that the company didn’t invest in malware protection and are scrambling to fix their infrastructure after a breach was detected, being reactionary instead of proactively working against cybercrime. Parsimony is a social theory that offers the idea that scientists present findings and data in a straight-forward manner that is easy to understand and the company effectively communicated with their customers about the breach and showed transparency with what had happened.

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