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Corporate Cyber Risk Disclosures Jump Dramatically in 2017

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Jul 26, 2017

On July 26, 2017, Bloomberg released an article that reports that more public companies described “cybersecurity” as a risk in their financial disclosures in the first half of 2017 than in all of 2016, suggesting that board and C-suite fears over data breaches may be escalating.

The article’s authors found that 436 reporting companies specifically referenced “cybersecurity” as a risk factor in their periodic SEC filings in the first six months of 2017, compared to 403 in all of 2016, and 305 in 2015.

“Cybersecurity is no longer just an IT issue,” Christopher Pierson, executive vice president, general counsel, and chief security officer at Orlando, Fla.-based business services provider Viewpost, told Bloomberg BNA. It is now an enterprise risk issue that “touches upon every aspect of risk of a company.”

Review the article on Bloomberg's website.

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