Read this https://dojmt.gov/wp-content/uplands/Glasswasherparts.com_.pdf sample breach letter and describe how two different economics theories and social sciences theories relate to this letter.
The Laissez-Faire theory opposes any government intervention in business affairs. The breach mentioned in this letter falls under the category of business affair since the attack was between the “glasswasherparts” company and the third party company that handles their site, and the ones that had the intrusion. The theory also includes the idea of the government stepping in after a breach to help protect the individuals rights, which can help minimize the loss of everyone’s data since it includes their name, address, phone number and debit or credit card numbers which falls under their rights, personal information being shared without their consent.
Another theory related to this letter is the game theory which is used to analyze the motive and strategies of the company and the customers that were affected in response to the breach. The company may try to compensate the customers that were affected by giving them discounts, minimizing costs or so on. This may lead to the customers trying to get out as much as they can from the company by wanting extra compensation or trying to take legal action.
Social network theory focuses on the role of social relationships in transmitting information, channeling personal or media influence. In this case it would be the social relationships among the company, the affected customers, and other stakeholders. This breach will affect the company’s trust, reputation, legitimacy as long as probably breaking any social ties they may have used with other companies (collaborating or investing in it), along with not meeting the expectations of the customers regarding the privacy and security.