As I read through the sample breach notification letter from Glasswasherparts.com, I couldn't help but think about the two economics and two social science theories that can be applied to this incident.

One pertinent economic theory is Rational Choice Theory, which posits that individuals and organizations make decisions they perceive to be in their best interest. In the scenario of Glasswasherparts.com, the decision to inform customers about the breach was likely driven by a desire to mitigate legal liability and preserve customer trust. Another relevant economic theory is Marxian economic theory, which suggests that those in power exploit those less powerful for financial gain. In this context, the hacker took advantage of vulnerabilities in the third-party platform provider for their benefit.

From a social science perspective, the letter also relates to the Agency Theory, which addresses relationships between employer-employee or shareholder-executive parties where their objectives may not align. In this instance, the third-party company failed to safeguard customer information from unauthorized access. In contrast, customers expect the businesses they engage with to protect their sensitive data from malicious threats. Lastly, the letter connects to the Theory of Planned Behavior, which suggests that individual behavior is a conscious and reasoned choice influenced by cognitive processes and social pressures. Reports indicate that the incident began around February 2016, yet the third-party company did not notify the owner of Glasswasherparts.com until a year later. The letter implies that this delay in communication stemmed from a lack of awareness of the breach and the ongoing law enforcement investigation.

These economic and social science theories offer valuable insights into this incident's intricate dynamics.