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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

Kramer Levin Naftalis & Frankel LLP

SEC Announces Penalties Against Four Companies for Downplaying Severity of SolarWinds Cybersecurity Breach in Disclosures

On Oct. 22, 2024, the Securities and Exchange Commission announced that it charged four technology companies with making materially misleading disclosures about the effect the SolarWinds cyberattack had on these issuers. To...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

A&O Shearman

Judge dismisses most of SEC’s suit against SolarWinds over cybersecurity disclosures

A&O Shearman on

On July 18, 2024, U.S. District Judge Paul Engelmayer of the U.S. District Court for the Southern District of New York issued a comprehensive 107-page opinion that may have significant implications for the Securities and...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

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

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

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

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - November 2023 #2

Robinson & Cole LLP on

CYBERSECURITY - Hackers Steal $4.4M Crypto Using Data Linked to LastPass Breach - According to Bleeping Computer, crypto fraud researchers at ZachXBT, and MetaMask developer Taylor Monahan have reported that on October 25,...more

Holland & Knight LLP

Winds of Change: SEC's SolarWinds Lawsuit Signals Hotter Cybersecurity Enforcement

Holland & Knight LLP on

The SEC on Oct. 30, 2023, filed a landmark cybersecurity enforcement action against SolarWinds Corp. (SolarWinds) and the company's current Chief Information Security Officer (CISO) Timothy Brown. The SEC's complaint alleges...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - November 2023

Robinson & Cole LLP on

CYBERSECURITY - Hackers Steal $4.4M Crypto Using Data Linked to LastPass Breach - According to Bleeping Computer, crypto fraud researchers at ZachXBT, and MetaMask developer Taylor Monahan have reported that on October 25,...more

Thomas Fox - Compliance Evangelist

SEC, Solar Winds and Compliance

The recent SEC lawsuit against SolarWinds Corp and its CISO, Tim Brown, following the 2020 data breach, has brought the issue of executive liability in cybersecurity disclosures to the forefront. This case sheds light on the...more

Skadden, Arps, Slate, Meagher & Flom LLP

What Does the SEC’s Complaint Against SolarWinds Mean for CISOs and Boards?

On October 30, 2023, the SEC filed a litigated complaint against SolarWinds, a software development company, and Timothy Brown, its chief information security officer (CISO). The SEC alleges that from October 2018, when...more

The Volkov Law Group

SEC Sues SolarWinds and its CISO for Fraud Over Botched Data Breach Response, Marking New Era in Cyber Enforcement

The Volkov Law Group on

The U.S. Securities and Exchange Commission has a message for publicly-traded companies that suffer a data breach: own up. On Monday, the SEC sued Texas-based SolarWinds––and its Chief Information Security Officer...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

Jackson Lewis P.C.

Cyber Incident, Ransom Payment Reporting to DHS Mandatory for Critical Infrastructure Entities

Jackson Lewis P.C. on

Included within the Consolidated Appropriations Act, 2022, signed by President Joe Biden on March 15, the Cyber Incident Reporting for Critical Infrastructure Act of 2022 (Act) creates new data breach reporting requirements....more

Womble Bond Dickinson

An Understandable Guide to Zero Trust Architecture

Womble Bond Dickinson on

While cybersecurity professionals are generally nice people, and I have nothing against them, they have trust issues. Their spouse, friends, and family may not appreciate the lack of trust, but it goes a long way towards...more

Robinson+Cole Data Privacy + Security Insider

SolarWinds Hackers Focus on Downstream Vendors as Next Victims

In a blog post entitled “New activity from Russian actor Nobelium,” Microsoft’s V.P. of Customer Security & Trust Tom Burt discussed a recent alert issued by the Microsoft Threat Intelligence Center (MSTIC) regarding the...more

Constangy, Brooks, Smith & Prophete, LLP

Ransomware Gone Wild – And What You Need To Do To Protect Your Company

The FBI has reported a 400 percent increase in cyber-attacks in 2020 – and, according to some reports, Ransomware makes up about 85 percent of those attacks. Ransomware is one of the most potentially damaging types of...more

Akin Gump Strauss Hauer & Feld LLP

FERC and NERC Publish Whitepaper on SolarWinds and Related Supply Chain Compromise

On July 6, 2021, the staff of the Federal Energy Regulatory Commission (FERC) and the North American Electric Reliability Corporation (NERC) Electricity Information Sharing and Analysis Center (E-ISAC) issued a whitepaper...more

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