Decades and its not something that we are unfamiliar with in this country. I think that its important to distinguish the regulation as it is written and has practiced there was a piece in the times a couple of weeks ago, and this was written by an Expert Health professionals would tell him know i cant tell you that it is, the mother wasnt at all. It wasnt at all. Its just a lot easier to say no with some recognition as an excuse. I have the question about Data Security. The only way to get to a Data Security is multibilliondollar a year over your investments of policies practices procedures and technology. I know of the Data Security is a regulatory issue in marketing issue but we will speak to the regulatory issue. Is that a breach of vacation a begin of incentive to force companies to invest in Data Security . Every dollar you put into Data Security you take it from research and development so where is the approach that government cant take for companies to invest to make sure we have good Data Security . I dont think there is a tough and in the position to deal with that downstream defects in and pollutes the database and the consumers are harmed. Does that include use and transmission and . What is the right role of cover reregulation to create an incentive . I speak we have poured data. I would like to see the ftc step forward with the target brachiate andean the breakin where is the followup . How the credit cards were used illegally . You took get out of my about. Fees that are reported that are not nearly as costly as were first reported. They were costly for the company and he tried to do the appropriate cost benefit analysis. On the consumer side is essentially we are our own first line of defense. We understand there will be problems so we need to have resources to alleviate that with the president and the ftc tried to streamline the a Identity Theft protection and. Without a breach beautification and i would advocate for this state laws and dont think they have the integration and they need to protect themselves. In to talk about the effect of the data preach breach. We have up a lot of the ems. For any individual breach there is a huge cost some were born by the consumer directly. Most of that is handled at the consumer is held harmless but there is the brandy and cost to the number we have seen is well into the billions. And then talk about 5 billion. There are significant cost. Ill update bad is an incentive to address the problem that doesnt seem to be shrinking. And the Energy Commerce committee to have the fcc enforce that as long as you have that standard to grow with technology that is reasonable that is not so different but we do think that is important when we look at the state was and what elements they require. Well take one more question. You said something that the ftc doesnt have authority . They have granted Rulemaking Authority over they have chosen to the of costbenefit analysis. Which they choose not to because it is difficult for very good reasons. But my question is about to Economic Analysis. Saying that consumers might be concerned so they not adopt certain technologies have you heard that rational from all sorts of policy makers since 2000 and i take we can do better with the ftc leads the way. And if they could give us real data to have a substantive conversation about what are the privacy concerns of the tradeoffs for whatever reason that all seem too interested to use the bureau of economics of these issues. So Going Forward can we get more substantive analysis . But what would you score using the resources that you have in the bureau of economics on the Consumer Protection in issue for privacy inundated security. And shows a Consent Decree as of bully pulpit. Without what the tradeoffs are. Spirit that is and currently informed by Economic Analysis. And to be engaged in the process. Certainly in all of the reporting. We have had economic points of view and the reports on data so one of the things the ftc does is the best Economic Analysis and were increasing the to make sure that informs us as well. We have time for one more question all the way from australia. I have one question for the panel because it seems to be that they are creating these apps and devices there using a platform or the software as the service if you never heard of privacy by design with the liability and rigo understand how will we be added to that from the whole point of view. One of the problems that we have with respect to the small startups there is a mismatch between the tools were used to organizations having a bunch of attorneys that can talk to the regulators in the bench to privacy for design for each of these that is just not there but at the same time but those that are not in the position right now on that 100 million scale. If this was certainly the case they had much bigger problems. Tried to figure out ways to have the engagement between the government with the startups in a more positive way is a huge issue. Bay with the to get that modular system so you dont have that expertise but i think that kind of standard will evolve. With that of the show security. This is best practice . Even though they dont have a single warrior. And looking for guidance. The way they have chosen to provide guidance. That was the to take work for all the great work they have done with my year and a half on the job but this is important that we have an entire group and with that complicated topics we are excited as well because you dont have to be of wire you could be the ceo of the small start up to understate and what we are talking about. We are not stopping there so they know that we are there. And encourage people to call and ask questions. Great panel. A great discussion. [applause] keep your seats. [inaudible conversations] Abigail Fillmore the First White House may be to work outside the white house. Mimi eisenhower pete was the color and stores sold the coupon paying as to women to represent her style. Nancy reagan as the young actress saw her name on the list of suspected communists a sport supporters she contacted Ronald Reagan for help and later became his wife. President ial historians on the iconic men and women and makes a great gift for the holidays
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