The WiKID Blog

Viewing posts from January, 2009

texas-considers-requiring-pci-compliance

Posted by: admin 14 years, 10 months ago

In an interesting twist in the continuing PCI story, the Texas legislature may mandate PCI compliance:

According to the language of the bill, "A business that, in the regular course of business, collects, maintains, or stores sensitive personal information in connection with an access device must comply with payment card industry data security standards." The bill would allow a financial institution in the state to request a breached entity to provide certification of its compliance with PCI specified controls. HB 3222 would require the certification to be issued by a PCI-approved auditor no earlier than 90-days before the breach.

It sounds like retailers would have to be audited every 90 days! Is this bill the work of the financial institutions or the auditors?

thanksgiving

Posted by: admin 14 years, 10 months ago

It will probably be a little quiet around here for the rest of the week as it's the Thanksgiving holiday here in the US. I'll still be checking my e-mail via the blackberry, of course :). Thanks to all who have made this a great year for WiKID.

the-halo-effect-and-business-performance

Posted by: admin 14 years, 10 months ago

I really enjoyed a recent 'manifesto' from the ChangeThis site recently by Phil Rosenzweig called Forget Formulas . In it he points out the flaws in many management books that purport to find a formula for success based on a large quantity of mainly anecdotal evidence. The data is suspect because of the 'halo effect' (also the title of Rosenzweig's book):

The key weakness is the halo effect, a concept that was first identified by psychologist Edward Thorndike in 1920. It refers to the basic human tendency to make specific inferences on the basis of an overall impression. People tend to have an overall evaluation about someone or something, and let that evaluation shape specific features. the halo effect is found in many walks of life, including the way we evaluate job candidates—the graduate from a well-respected school tends to look good across the boards, while a graduate from an unheralded local school tends to look less attractive. Brand building, too, is based on the halo effect—companies know that consumers will attribute favorable qualities to a product from a respected company, and therefore go to great lengths to create positive associations with their brand.

favorite-posts-of-2006

Posted by: admin 14 years, 10 months ago

Here is a list of my favorite posts from 2006. Yes, these are my favorites posts by me and yes, it means I'm phoning it in for the rest of the year. Thanks for reading. I intend to kick off the year with the usual thought-provoking, yet not well-thought out

stock-market-values-and-information-security

Posted by: admin 14 years, 10 months ago

There has been some excellent research done on the impact of information security breaches on the market cap of affected firms (which directly impacts their cost of capital): "The economic cost of publicly announced information security breaches: empirical evidence from the stock market Katherine Campbell, Lawrence A. Gordon, Martin P. Loeb and Lei Zhou Accounting and Information Assurance, Robert H. Smith School of Business, University of Maryland, 2003" (http://brief.weburb.dk/archive/00000130/01/2003-costs-security-on-stockvalue-9972866.pdf)

This UMD study found that a firm suffering a breach of 'confidential information' saw a 5% drop in stock price while firms suffering a non-confidential breach saw no impact.

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