Abstract
The primary objective of this exploratory study is to assess whether 8-K disclosure, compared to alternative disclosure, explains the inconsistent results in prior studies examining the impact of cyber breaches on stock prices. The major finding of this study is that the negative magnitude of the stock price reaction and the duration of the reaction are substantially different for firms disclosing their cyber breaches via an 8-K compared to firms disclosing their breaches via other sources. Our results provide support for the new cybersecurity disclosure rules issued by the Securities and Exchange Commission (2023).
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