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Cyber Attacks SolarWinds Chief Information Security Officer (CISO)

Constangy, Brooks, Smith & Prophete, LLP

Where should the buck stop? Risks to CISOs in today’s regulatory environment

Joseph Sullivan, Uber’s beleaguered former Chief Information Security Officer, was back in the news last month when he appealed his 2023 conviction for his role in concealing a 2016 breach of Uber’s network and customer data....more

Holland & Knight LLP

Undeterred by the SolarWinds Storm: SEC Charges Victims of Compromised Software

Holland & Knight LLP on

The SEC on Oct. 22, 2024, announced charges against four companies for allegedly making materially misleading disclosures concerning the impact of cybersecurity incidents associated with the compromised SolarWinds' Orion...more

Akin Gump Strauss Hauer & Feld LLP

Cybersecurity After SolarWinds: Practical Guidance for CISOs Under the New Rules

Judge Engelmayer’s 107-page dismissal of most of the U.S. Securities and Exchange Commission (SEC)’s claims against SolarWinds provides valuable guidance, and some comfort, for public companies and Chief Information Security...more

Husch Blackwell LLP

Court Limits an Early SEC Effort at Cybersecurity Enforcement

Husch Blackwell LLP on

On July 18, 2024, Judge Paul A. Engelmeyer of the U.S. District Court for the Southern District of New York issued a 107-page opinion dismissing most of the Securities and Exchange Commission’s (SEC) case against SolarWinds...more

WilmerHale

Making the Connection - What Do Recent SEC Enforcement Actions Mean for Cyber Controls?

WilmerHale on

On July 18, 2024, the U.S. District Court for the Southern District of New York dismissed most of the claims brought by the Securities and Exchange Commission (the “Commission”) against SolarWinds Corp. and its Chief...more

Steptoe & Johnson PLLC

New York Federal Court Refuses to Extend Accounting Controls Requirements to Cybersecurity Controls

Section 13(b)(2)(B) of the Securities Exchange Act of 1934 requires public companies to “devise and maintain a system of internal accounting controls.” In a recent opinion, a New York federal court rejected the Securities...more

Skadden, Arps, Slate, Meagher & Flom LLP

Takeaways From the Dismissal of SEC Claims Against SolarWinds and Its CISO

The U.S. District Court for the Southern District of New York has dismissed many of the Securities and Exchange Commission’s (SEC’s) claims against software development company SolarWinds and its chief information security...more

Woodruff Sawyer

Violent Delights, Violent Ends? Two Possible Futures of SEC Cyber Regulation

Woodruff Sawyer on

What do the SolarWinds ruling and other recent developments mean for the future of the SEC’s cyber regulatory program? Will the SEC’s “lack of moderation” result in “violent ends” for its cyber agenda? Or will the current...more

Orrick, Herrington & Sutcliffe LLP

The Download: Do I need to make money to go public?

01 Do I need to make money to go public?02 A new M&A playbook in the age of AI03 Cyber enforcement forecast post-SolarWinds decision04 Cyber diligence for IPOs with Kroll’s CISO05 The Download Quiz: Venture capital trends...more

Kramer Levin Naftalis & Frankel LLP

Southern District of New York Dismisses Most Claims in SEC Cybersecurity-Related Enforcement Action Against SolarWinds

On July 18, 2024, U.S. District Judge Paul A. Engelmayer of the Southern District of New York dismissed most of the charges that the Securities and Exchange Commission brought against SolarWinds and its chief information...more

Holland & Knight LLP

SEC Cyber Enforcement Update: Which Way Are the SolarWinds Blowing? (Update)

Holland & Knight LLP on

This Holland & Knight blog post is the second installment in a two-part series that examines the challenges to the U.S. Securities and Exchange Commission's (SEC) charges in its landmark case against SolarWinds Corp....more

BCLP

SDNY Dismisses Majority of SEC Landmark Charges Against SolarWinds and CISO

BCLP on

On July 18, 2024, District Court Judge Engelmayer of the Southern District of New York issued his 107-page opinion and order dismissing most – but not all – of the landmark allegations of the SEC against SolarWinds Corp. and...more

Parker Poe Adams & Bernstein LLP

Key Lessons for Cybersecurity and IT Leaders From Judge's Recent Fraud Decision in SEC Case Against SolarWinds

On July 18, a New York federal judge threw out most of the SEC’s claims brought against both SolarWinds Corp. and the company’s chief information security officer (CISO), Timothy Brown....more

Fenwick & West LLP

SEC v. SolarWinds: Court Dismisses the Majority of the SEC’s Securities Fraud Claims

Fenwick & West LLP on

On July 18, Judge Paul Engelmayer of the Southern District of New York issued a lengthy order dismissing the majority of the SEC’s enforcement case against SolarWinds Corporation (SolarWinds) and its CISO, Timothy Brown. The...more

Jenner & Block

Client Alert: Key Takeaways from the Motion to Dismiss Ruling in SEC v. SolarWinds et al.

Jenner & Block on

The SEC’s high-profile litigation against SolarWinds and its Chief Information Security Officer (CISO), Timothy G. Brown, reached a critical turning point on July 18, 2024, when a district court in the Southern District of...more

Cooley LLP

Federal Court Dismisses Bulk of SEC’s Complaint Against SolarWinds in Cyberattack Case

Cooley LLP on

On July 18, 2024, US District Judge Paul Engelmayer of the Southern District of New York issued a detailed 107-page opinion and order dismissing most of the US Securities and Exchange Commission (SEC) case against SolarWinds...more

Cooley LLP

Is the SEC’s case against SolarWinds counterproductive?

Cooley LLP on

You remember the 2020 SolarWinds hack, perhaps one of the worst cyberattacks in history? As described by NPR in 2021, the hack was “believed to be directed by the Russian intelligence service, the SVR,” which used a “routine...more

Cooley LLP

Fatal Flaws in SEC’s Amended Complaint Against SolarWinds

Cooley LLP on

In March 2024, a coalition of more than 50 cybersecurity leaders and organizations called for dismissal of an amended complaint by the Securities and Exchange Commission (SEC) against SolarWinds and its chief information...more

Akin Gump Strauss Hauer & Feld LLP

SEC Turning Up the Heat: SolarWinds and Its CISO Charged with Fraud Regarding Cyber-related Disclosures

Key Takeaways - With the SolarWinds enforcement action, the SEC continues to ratchet up its enforcement against companies that fail to properly disclose their cybersecurity incidents and risks. By naming the SolarWinds CISO...more

Jackson Lewis P.C.

Corporate Boards Mulling Effects of SEC Cyber Enforcement and CISO Exposure, and Possibly Hacker Complaints to SEC

Jackson Lewis P.C. on

According to a New York Times story this weekend, the Security Exchange Commission’s lawsuit against SolarWinds is driving discussions in boardrooms and corporate security departments of large organizations about the handling...more

Morrison & Foerster LLP

Top 5 SEC Developments (October 2023)

Morrison & Foerster LLP on

Each month, we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month we examine: • Fraud and internal control failure charges against...more

Woodruff Sawyer

CISO Liability in Focus: SEC Enforcement, Insurance, and [Personal] Risk Mitigation

Woodruff Sawyer on

The Securities and Exchange Commission (SEC) is ratcheting up the pressure on chief information security officers (CISOs)—and it’s entirely deliberate. In this post, I’ll discuss the litigation landscape against SolarWinds,...more

Woodruff Sawyer

Making It Personal: SEC Issues Wells Notices Against SolarWinds’ CFO and CISO

Woodruff Sawyer on

The cyber breach of SolarWinds’ software in 2020 (the “SolarWinds breach” or “cyber breach”) has been described as the “largest and most sophisticated attack the world has ever seen.” As a result of the cyber breach,...more

Katten Muchin Rosenman LLP

SEC Sends Ominous Warning to CISOs and Cybersecurity Professionals With Wells Notice Concerning SolarWinds Breach

On June 23, 2023, SolarWinds disclosed in its most recent Form 8-K filing that “certain current and former executive officers and employees” of SolarWinds, including SolarWinds’ Chief Financial Officer (CFO) and Chief...more

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