News & Analysis as of

Cyber Attacks Securities Violations Disclosure Requirements

Skadden, Arps, Slate, Meagher & Flom LLP

Recent SEC Cyber-Related Enforcement Actions Emphasize the Importance of Robust Disclosure Controls

On October 22, 2024, the Securities and Exchange Commission (SEC) announced enforcement actions against several technology companies for making materially misleading disclosures regarding cybersecurity risks and intrusions....more

The Volkov Law Group

SEC Expands Internal Controls Provision to Cover Cybersecurity Incidents and Reaches $2.1 Million Settlement with R.R. Donnelley &...

The Volkov Law Group on

In a significant expansion of internal controls enforcement, the SEC announced a $2.1 million settlement with R.R. Donnelley & Sons Co. (“RRD”) for its handling of a 2021 ransomware attack and resulting disclosure failures. ...more

Jenner & Block

Client Alert: Takeaways from SEC v. SolarWinds Motion to Dismiss Hearing

Jenner & Block on

The SEC’s high-profile litigation against SolarWinds and its Chief Information Security Officer (CISO), Timothy Brown, reached a critical juncture on May 15, 2024, when the parties presented oral arguments before Judge Paul...more

Mayer Brown Free Writings + Perspectives

Blackbaud Inc. to Pay $3 Million to SEC for Alleged Misleading Disclosures in 2020 Ransomware Attack

On March 9, 2023, the Securities and Exchange Commission (“SEC”) announced that Blackbaud Inc. (“Blackbaud”) agreed to pay $3 million to settle charges for alleged misleading disclosures about its 2020 ransomware attack and...more

Davis Wright Tremaine LLP

SEC Settles Ransomware Disclosure Charges for $3 Million

The U.S. Securities and Exchange Commission ("SEC" or the "Commission") has ordered Blackbaud, Inc. ("Blackbaud") to pay $3 million to resolve claims that it made materially misleading statements about a 2020 ransomware...more

Bass, Berry & Sims PLC

Don’t Let Spoofing Fool You – SEC Says Internal Accounting Controls Should Address Cyber Threats

Bass, Berry & Sims PLC on

On October 16, 2018, the SEC released an Investigative Report detailing recent email spoofing schemes that caused nine public companies to lose a total of nearly $100 million. Building on its February 2018 guidance about the...more

Cadwalader, Wickersham & Taft LLP

Equifax Data Breach Highlights SEC Disclosure Obligations for Public Companies in the Wake of Cybersecurity Attacks

On September 7, 2017, Equifax, one of the country’s three primary credit reporting bureaus, announced it had suffered a major cybersecurity breach that could potentially affect half of the U.S. population. According to the...more

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