Read this sample breach letter and describe how two different economics theories and two different social sciences theories relate to the letter
https://dojmt.gov/wp-content/uploads/Glasswasherparts.com_.pdf
Classic Economic Theory: this theory emphasizes the importance of free markets and individual economic decisions in driving economic growth. With this data break, this theory would suggest that companies should be free to make their own decisions about how to protect customer data and respond to security breaches. Customers who are concerned about the safety of their personal information can choose to shop elsewhere, and competition in the marketplace will drive companies to prioritize data security in order to attract customers and maximize profits
Laissez-Faire Economic Theory: this theory argues that government intervention in the economy should be minimal or non-existent. In this breach, this theory would suggest that the government should not regulate data security practices or require companies to notify their customers if a breach occurred. Instead, companies and customers should be free to make their own decisions about how to protect and share personal information, and market forces will naturally weed out companies that are not trusted by consumers.
Social Exchange Theory: this theory suggests that social interactions are based on the perceived costs and benefits of their actions. In this breach, customers may feel that the potential risks of using the company’s website outweigh the benefits of making online purchases. This would result in customers choosing to shop elsewhere or avoid online transactions altogether, causing companies to lose business and suffer financial consequences.
Social Learning Theory: this theory suggests that individuals learn from observing others and the consequences of their actions. In this breach, customers may observe the company’s response to the breach and use that information to make decisions about whether to trust the company in the future. If the company is quick and transparent in response, this could demonstrate a commitment to customer safety and rebuild trust. However, if the opposite were to occur, this may reinforce negative perceptions and discourage any future business.