In recent years, the number of companies identifying cybersecurity as a risk factor in U.S. Securities and Exchange Commission filings has grown tremendously. But there appears to have been a leveling off in 2017, which may indicate that companies “have blinders on” when it comes to disclosing cybersecurity risks, according to a new report.

From 2012 to 2016, the number of companies reporting cybersecurity as a risk factor in SEC filings has grown 277 percent, the report from Intelligize Inc. shows. Despite that increase though, the report, which is based on all public company SEC filings from 2012 to this year, indicates that there’s still only a relatively small proportion of all public companies—38 percent—citing cybersecurity as a risk factor in quarterly and annual filings.

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