For many companies, the effects of a data breach can be devastating. Given the recent push by many to go paperless and automate as many processes as possible, as well having employees walking the streets with mobile devices containing sensitive information, the number of potential breach points for criminals has grown significantly in recent years. As a result, insurers should proceed with greater caution now when pricing risk.
According to a new report from international specialist insurer Hiscox, 38% of recently surveyed Fortune 500 companies fail to acknowledge the threat of a data breach in the Risk Factors section of their SEC 10-K filing. Additionally, of the companies that do include the risk of a data breach in their 10-K, 26% fail to mention the consequential financial impact, while a further 49% failed to identify the reputational impact.
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