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Where Is the Consumer Outrage about Data Breaches?
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DonT183
50%
50%
DonT183,
User Rank: Black Belt
11/2/2018 | 4:24:00 PM
Outrage: tracking the wrong thing.
The cost of customer outrage is not in the stock price nor in the dust and ashes public. Mourning for the lost. Look here and one will never see the costs. Concluding a policy based on known short term effects is logic worthy of the doomed Flying Dutchmen. Doomed never to see the truth and cursed to manage a problem that was never rightly measured or seen. Look instead at the costs to the business in its avoidable customer retention costs. Look also for the new legislation pending with your firm name as its justification. Everyone knows that Enron and WorldCom cause Sarbanes Oxley regulations. We all bear the increased costs to comply consequentially. Honestly a data breach could easily cost a firm 4% of its annual revenue in dirext IT and customer retention clean up costs. The fine for not reporting bound up in new European regulation has its basis in average damage experiences of firms that did report. These legal concepts are coming to a country near you. Watch that metric for better insight. Or, circle the oceans in a never ending quest, guided by the wrong stars and never to see the problem for what it is.
DonT183
50%
50%
DonT183,
User Rank: Black Belt
11/2/2018 | 4:24:28 PM
Outrage: tracking the wrong thing.
The cost of customer outrage is not in the stock price nor in the dust and ashes public. Mourning for the lost. Look here and one will never see the costs. Concluding a policy based on known short term effects is logic worthy of the doomed Flying Dutchmen. Doomed never to see the truth and cursed to manage a problem that was never rightly measured or seen. Look instead at the costs to the business in its avoidable customer retention costs. Look also for the new legislation pending with your firm name as its justification. Everyone knows that Enron and WorldCom cause Sarbanes Oxley regulations. We all bear the increased costs to comply consequentially. Honestly a data breach could easily cost a firm 4% of its annual revenue in dirext IT and customer retention clean up costs. The fine for not reporting bound up in new European regulation has its basis in average damage experiences of firms that did report. These legal concepts are coming to a country near you. Watch that metric for better insight. Or, circle the oceans in a never ending quest, guided by the wrong stars and never to see the problem for what it is.
DonT183
0%
100%
DonT183,
User Rank: Black Belt
11/2/2018 | 4:24:32 PM
Outrage: tracking the wrong thing.
The cost of customer outrage is not in the stock price nor in the dust and ashes public. Mourning for the lost. Look here and one will never see the costs. Concluding a policy based on known short term effects is logic worthy of the doomed Flying Dutchmen. Doomed never to see the truth and cursed to manage a problem that was never rightly measured or seen. Look instead at the costs to the business in its avoidable customer retention costs. Look also for the new legislation pending with your firm name as its justification. Everyone knows that Enron and WorldCom cause Sarbanes Oxley regulations. We all bear the increased costs to comply consequentially. Honestly a data breach could easily cost a firm 4% of its annual revenue in dirext IT and customer retention clean up costs. The fine for not reporting bound up in new European regulation has its basis in average damage experiences of firms that did report. These legal concepts are coming to a country near you. Watch that metric for better insight. Or, circle the oceans in a never ending quest, guided by the wrong stars and never to see the problem for what it is.
RFordOnSecurity
100%
0%
RFordOnSecurity,
User Rank: Author
11/5/2018 | 6:45:40 AM
Re: Outrage: tracking the wrong thing.
It took me a while to think about this, but I think I now understand your reasoning. Here's the thing. While some countries claim to be democratic republics, you should mostly focus on the "democratic" part of that description. Thus, the lack of voter concern effectively makes this less of an issue for the politicians. In a true democracy, laws reflect the will of the people, and without *voter* outrage companies (who sometimes have signficant influence in the legislative process) will have a much larger role than we would like in shaping the next generation of laws. 

I do agree laws help - but I think laws in the long term reflect the concerns of society, and thus the outrage really does matter. 

Lastly, for most senior executives in large companies, the largest part of compensation is tied to stock performance; thus, the stock price is a strong incentive for shaping the actions of C-Suite members. 


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