Report: Many companies still not revealing information related to security breaches

Companies have been told by the SEC o disclose information regarding online security breaches, but a recent Reuters report suggested many businesses are still lagging behind in this area.

The news source said, despite the Securities and Exchange Commission guidance document released in October, publicly traded companies have not stepped up to the plate to expose the cause of these attacks.

Reuters said it has studied more than 2,000 instances since the SEC initiative was launched, but many organizations have only released "boilerplate language to describe a general risk. Some hacking victims did not even do that."

The report also cited Jacob Olcott, former counsel for the Senate commerce committee, who said that even large defense contractors have suffered security breaches, but he is not sure why organizations are not disclosing this information.

Malcious hackers and groups like Anonymous are expected to increase their attack wave in the near future, placing even greater demand for online security measures. According to a recent IDC study, the market for data protection services is projected to grow from $198 million in 2009.