Majority of Public Companies Indicate Cyber Attack Would Cause “Serious Harm”

by Sabrina I. Pacifici on July 25, 2013

News release: “A majority of the U.S. listed Fortune 500 firms are following the U.S. Securities and Exchange Guidelines by providing some level of disclosure regarding cyber exposures, with more than half indicating their firms would face “serious harm” or be “adversely impacted” due to a cyber-attack, according to a recent report by Willis North America, a unit of Willis Group Holdings, a leading global risk advisor, insurance and reinsurance broker. The Willis Fortune 500 Cyber Disclosure Report… are the results of an effort launched last year to track organizations’ response to SEC Guidance issued in October 2011, asking U.S. listed companies to provide extensive disclosure on their cyber exposures. The report found that 88% of the Fortune 500 are following SEC Guidelines as of April 2013 and providing “some level” of disclosure regarding cyber exposures. However, some companies within particular industries that would seem to have exposures, were silent, Willis said. Among those silent were: an insurance company, a pharmaceutical company, a restaurant chain and a health care firm – “all of which would seem to have some level of cyber risk when compared to the disclosures of their peers,” the report said.”

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