News & Analysis as of May 8, 2025

Enforcement Actions

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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 -

SEC Commissioners on the Hunt for Materiality: Disagree on Cybersecurity Enforcement Actions

Carlton Fields on 2/3/2025

On October 22, 2024, Republican SEC Commissioners Hester Peirce and Mark Uyeda issued a joint dissent sharply criticizing charges brought against four companies for allegedly making materially misleading disclosures regarding...more

Buckle Your Seatbelt, It's Going to Be a Bumpy Ride … or Is It?

Holland & Knight LLP on 12/24/2024

Readers, thank you for journeying with us through all nine (and this, our 10th and final!) installments of Season's Readings. In this final piece, we turn from the past and look ahead to what may be in store from the SEC's...more

A Word from the Ghost of Holiday Future: SEC Active in Cybersecurity and AI Actions

Holland & Knight LLP on 12/18/2024

The SEC was increasingly active in fiscal year (FY) 2024 in pursuing enforcement actions involving cybersecurity incidents and artificial intelligence (AI) (query how long society will continue to define AI; harkens to the...more

SEC Settlements Signal Increased Scrutiny of Cybersecurity Disclosures

McDermott Will & Emery on 11/26/2024

On October 22, 2024, the US Securities and Exchange Commission (SEC, or Commission) brought settled actions against four publicly traded companies that were downstream victims of the Russia-linked cyberattack on SolarWinds...more

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

Skadden, Arps, Slate, Meagher & Flom LLP on 11/11/2024

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

Dissenting Commissioners’ Statement in SEC Cyber Disclosure Enforcement Actions May Forecast Change Ahead

Perkins Coie on 11/8/2024

In late October, the SEC announced settled enforcement actions against four public companies, all stemming from impacts from the compromise of SolarWinds’ Orion software. Each order included allegations that the applicable...more

SEC Announces Settlements with Four Issuers regarding Cybersecurity Disclosures

Ropes & Gray LLP on 11/1/2024

On October 22, 2024, the Securities and Exchange Commission (“SEC”) filed settled enforcement orders involving four current and former public companies – Unisys Corp., Avaya Holdings Corp., Check Point Software Ltd, and...more

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

Holland & Knight LLP on 10/31/2024

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

Undeterred By Recent Court Loss, SEC Charges Four Companies With Inadequate Cyber Disclosures In The Aftermath Of SolarWinds...

A&O Shearman on 10/29/2024

On October 22, 2024, the SEC announced that it had entered into settlements with four separate companies for making allegedly misleading disclosures about how they were impacted by the SolarWinds data breach in 2019. The...more

Nutter Securities Enforcement Update: Oct. 1 Quarterly Review

Nutter McClennen & Fish LLP on 10/14/2024

The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more

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

Woodruff Sawyer on 8/8/2024

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

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

A&O Shearman on 8/2/2024

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

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

Holland & Knight LLP on 7/29/2024

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

Judge Rejects SEC’s Aggressive Approach to Cybersecurity Enforcement

White & Case LLP on 7/29/2024

On July 18, 2024, a New York federal judge dismissed most of the US Securities and Exchange Commission’s ("SEC") claims against SolarWinds Corp. ("SolarWinds" or the "Company") and its Chief Information Security Officer...more

SDNY Dismisses Majority of SEC Landmark Charges Against SolarWinds and CISO

BCLP on 7/29/2024

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

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

Parker Poe Adams & Bernstein LLP on 7/25/2024

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

SEC Faces Headwinds in SolarWinds Cybersecurity Litigation, but Public Companies and CISOs Still Under Scrutiny

McDermott Will & Emery on 7/25/2024

On July 18, 2024, Judge Paul A. Engelmeyer in the US District Court for the Southern District of New York issued a 107-page opinion dismissing most of the claims against software company SolarWinds and its chief information...more

Court in SolarWinds Case Blows Down SEC's Cyber Enforcement Authority

Holland & Knight LLP on 7/24/2024

The U.S. District Court for the Southern District of New York on July 18, 2024, dismissed most of the SEC's landmark cyber enforcement litigation against SolarWinds Corp. (SolarWinds or the Company) and the Company's Chief...more

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

Fenwick & West LLP on 7/24/2024

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

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

Holland & Knight LLP on 7/8/2024

The SEC has been aggressively pursuing cybersecurity investigations and enforcement actions against public companies and foreign private issuers. In these actions, the SEC often alleges one of two theories: 1) that the...more

Solar Winds Under GDPR: Corporate Responsibility and Risks in Data Protection

Thomas Fox - Compliance Evangelist on 2/13/2024

The General Data Protection Regulation (GDPR) has brought about significant changes in the way organizations handle data protection and privacy. It emphasizes the importance of transparency and honesty in disclosing data...more

Federal Government Continues Its Big Push for Cybersecurity with SEC Action Against SolarWinds and Its CISO

Bradley Arant Boult Cummings LLP on 11/27/2023

On October 30, 2023, the Securities and Exchange Commission (SEC) announced a civil suit against SolarWinds and their chief information security officer (CISO) for fraudulent cybersecurity information. The SEC claims that...more

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

Akin Gump Strauss Hauer & Feld LLP on 11/22/2023

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

SEC's Charges Against SolarWinds and Its CISO Highlight Emerging Risks for Public Companies, Security Professionals

Davis Wright Tremaine LLP on 11/20/2023

The U.S. Securities and Exchange Commission ("SEC") has charged SolarWinds Corp. (SolarWinds) and the company's chief information security officer ("CISO") with securities fraud and violations of internal controls...more

The SEC Sues SolarWinds and Its CISO for Alleged Fraud and Disclosure Controls Failures

Alston & Bird on 11/13/2023

Our Securities Litigation, Securities, and Privacy, Cyber & Data Strategy teams outline vital takeaways for public companies and their directors and officers in light of the Securities and Exchange Commission’s recent civil...more

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