Regulators and investors increasingly question the usefulness of risk disclosures, arguing that such disclosures are redundant, use generic boilerplate language, and lack company-specific information necessary for meaningful risk assessment – issues that become even more critical following a breach, when stakeholders require clear and credible information to evaluate whether a firm is exposed to certain risks more than others. This study examines the risk disclosures of Fortune 500 companies that have experienced a breach, applying a multi-method approach that combines thematic, readability, and tone analyses to understand how firms communicate negative events. Through thematic analysis, we identify dominant themes and concepts and explore their connection to breach incidents. Readability analysis assesses the difficulty level of disclosures and tone analysis evaluates whether firms attempt to neutralize the negative impact of such events. Our findings provide useful insights for corporate boards, risk managers, auditors, and regulators seeking to strengthen the integrity and decision-usefulness of risk disclosures. 

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