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Cybersecurity › Internal Controls › Fraud

Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk... more +
Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now.   less -
Farella Braun + Martel LLP

Fraud Risks in Nonprofit Organizations: Learning From Real-Life Case Studies

Farella Braun + Martel LLP on

The Washington Post (2013) found that one-sixth of all embezzlement cases in the U.S. involve nonprofit and religious organizations, ranking just behind the financial sector. This statistic is jarring but not entirely...more

Holland & Knight LLP

DOJ Brings Suit Against University Under Its Civil Cyber-Fraud Initiative

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Late last week, the U.S. Department of Justice (DOJ) filed its complaint-in-intervention in a qui tam lawsuit against the Georgia Institute of Technology (Georgia Tech), alleging that the university failed to meet certain...more

Akin Gump Strauss Hauer & Feld LLP

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

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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

Foley & Lardner LLP

Down But Not Out: Federal Court Curbs SEC Cybersecurity Enforcement Authority

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In a stinging rebuke of its attempted cybersecurity-related enforcement against a public company, a federal judge recently dismissed most of the charges that the U.S. Securities and Exchange Commission (SEC) had filed against...more

Pillsbury Winthrop Shaw Pittman LLP

The Crossroads of Cybersecurity and National Security: Delaying Disclosure of Incidents under the SEC’s New Cybersecurity Rule

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In recent guidance, the Department of Justice made clear that it will very rarely grant an extension of registrants’ deadline to disclose material cybersecurity incidents under the SEC’s Final Rules. Under the Securities and...more

White & Case LLP

The SEC’s Charges Against SolarWinds and its Chief Information Security Officer Provide Important Cybersecurity Lessons for Public...

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On October 30, 2023, the US Securities and Exchange Commission ("SEC") announced that it filed charges against SolarWinds Corp. ("SolarWinds" or the "Company") and its Chief Information Security Officer ("CISO") in connection...more

WilmerHale

SEC Charges SolarWinds and CISO with Fraud and Internal Controls Failures

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On October 30, 2023, the Securities and Exchange Commission (“SEC”), filed a complaint against SolarWinds Corp. (“SolarWinds” or the “Company”) for fraud and internal and disclosure controls failures relating to allegedly...more

BCLP

SEC Brings Landmark Cybersecurity Disclosure Lawsuit Against Solarwinds and Its CISO

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On October 30, 2023, the SEC filed charges against SolarWinds Corp. and its chief information security officer (CISO), alleging: ..Failures to disclose known cybersecurity vulnerabilities affecting the company’s “crown...more

WilmerHale

PCAOB Releases New Audit Committee Resource

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The PCAOB recently released a new Audit Committee Resource, which sets forth questions that audit committee members may want to consider incorporating into their ongoing engagement with auditors. The categories of questions...more

Bennett Jones LLP

Business Email Compromise: Protect Your Company From This Common Scam

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Between 2016 and 2019, Business Email Compromise (BEC) scams cost American organizations US$3.1 billion in losses and Canadian organizations US$33.6 million. This type of pervasive scam targets large and small businesses...more

Morgan Lewis

SEC Issues Report on Cyber Fraud Against Public Companies, Internal Control Requirements

Morgan Lewis on

The US Securities and Exchange Commission’s Division of Enforcement (SEC) issued an investigative report on October 16 on nine public companies that were victims of cyber-related frauds, and considered whether these companies...more

Brownstein Hyatt Farber Schreck

SEC Cautions That Cyber-Related Fraud Could Evidence Failed Internal Accounting Controls

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On Oct. 16, 2018, the Securities and Exchange Commission (the “SEC”) released a cautionary report discussing whether certain public companies that had become victims of cyber-related fraud may have violated federal securities...more

A&O Shearman

Can a Cyber Breach Be a Violation of Internal Controls? The SEC Says, ‘Maybe’

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On October 16, 2018, the Securities and Exchange Commission (SEC) issued a report outlining an investigation conducted by the SEC’s Division of Enforcement related to the internal accounting controls at nine public companies...more

Alston & Bird

SEC Investigative Report Cautions Public Companies to Consider Cyber Threats When Implementing Internal Accounting Controls

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The Securities and Exchange Commission issued an investigative report last week cautioning public companies to consider cyber incidents and threats when implementing internal accounting controls. ...more

Troutman Pepper Locke

Cyber Threats and Internal Accounting Controls

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On October 16, 2018, the Securities and Exchange Commission (“SEC”) issued an investigative report (see here) pursuant to Section 21(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) warning public companies that...more

WilmerHale

SEC Cautions Issuers to Consider Cyber Threats When Devising and Maintaining Internal Accounting Controls

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Yesterday, the Securities and Exchange Commission released an investigative report regarding its investigation into whether nine public companies that were victims of cyber-related frauds violated federal securities laws by...more

McGuireWoods LLP

SEC Report Reiterates Cybersecurity Implications for Internal Control Requirement

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On October 16, 2018, the Securities and Exchange Commission (SEC) issued a report on the results of investigations made by the SEC’s Division of Enforcement into nine public companies that were victims of cyber-related...more

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