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<p>Using a firm-level measure of cybersecurity awareness constructed from SEC 10-K filings, we examine how cybersecurity breach incidents influence firms’ cybersecurity awareness and risk disclosure behavior, with a particular focus on information spillovers from peer breaches. We show that our cybersecurity awareness measure captures firms’ perceived underlying cybersecurity risk. Firms significantly increase cybersecurity awareness following their own breach incidents. We further document significant information spillovers: firms increase cybersecurity awareness following breaches experienced by industry peers, although these responses are smaller than those following their own breach incidents and weaker under geographically defined peer groups. Finally, we examine whether these information spillovers are associated with firms’ subsequent breach outcomes. While peer breach information consistently influences firms’ cybersecurity awareness, its association with subsequent breach outcomes is considerably less robust across alternative peer definitions and model specifications.</p>

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Spillover effects of breach incidents on cybersecurity awareness

  • 期刊论文

  • 发表日期：

    2026年8月3日

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  • Wanggefei Wu,
  • Stephen H. Shore

摘要

Using a firm-level measure of cybersecurity awareness constructed from SEC 10-K filings, we examine how cybersecurity breach incidents influence firms’ cybersecurity awareness and risk disclosure behavior, with a particular focus on information spillovers from peer breaches. We show that our cybersecurity awareness measure captures firms’ perceived underlying cybersecurity risk. Firms significantly increase cybersecurity awareness following their own breach incidents. We further document significant information spillovers: firms increase cybersecurity awareness following breaches experienced by industry peers, although these responses are smaller than those following their own breach incidents and weaker under geographically defined peer groups. Finally, we examine whether these information spillovers are associated with firms’ subsequent breach outcomes. While peer breach information consistently influences firms’ cybersecurity awareness, its association with subsequent breach outcomes is considerably less robust across alternative peer definitions and model specifications.