Monday, October 6, 2014

US: Please Come Down Hard on JPMorgan

The U.S. Government needs to come down hard on JPMorgan Chase for its woeful performance in disclosing and responding to a privacy data breach that reportedly affects 76 million customers.

Free market principles can, eventually, affect cybersecurity change. When data breaches like the 40 million record breach at Target in late 2013 and the 56 million record breach at Home Depot earlier this year, customers can effectively respond with their feet. That reportedly happened with Target, and anecdotally, I’ve become a much more frequent patron of both my local town hardware store and Lowes. By withholding business from organizations that suffer a breach of your personal and financial information, customers can punish the company financially. It may take a lot of customers to really have an effect on the bottom line, but when they act in unison, customers are an economic force to be reckoned with.