Securities Exchange Act, Cyber Attacks

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

Akin Gump Strauss Hauer & Feld LLP on 8/19/2024

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

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

WilmerHale on 8/13/2024

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

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

Kramer Levin Naftalis & Frankel LLP on 8/5/2024

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

SEC charges communications company with accounting control failure

Orrick, Herrington & Sutcliffe LLP on 7/1/2024

On June 18, the SEC issued a cease-and-desist order (order) against a Delaware-based business communication and marketing service provider (respondent) to settle allegations of cybersecurity controls violations related to a...more

Don’t Forget to Put SEC Cybersecurity Matters on Your Board Agenda This Fall!

Blank Rome LLP on 11/9/2023

The U.S. Securities and Exchange Commission (“SEC”) earlier this year adopted rules requiring public companies to provide enhanced disclosure of material cybersecurity incidents, as well as cybersecurity risk management,...more

SEC Brings Landmark Cybersecurity Disclosure Lawsuit Against Solarwinds and Its CISO

BCLP on 11/2/2023

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

Top 5 SEC Developments for July 2023

Morrison & Foerster LLP on 8/15/2023

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources. This...more

Blackbaud Shows SEC Is Serious On Cyber Incident Reporting

Bradley Arant Boult Cummings LLP on 3/28/2023

A recent significant enforcement action brought by the U.S. Securities and Exchange Commission against Blackbaud Inc. highlights the importance of public companies maintaining disclosure controls and procedures relating to...more

Top 5 SEC Enforcement Developments for January 2023

Morrison & Foerster LLP on 2/20/2023

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources. This...more

SEC Issues First-Ever Penalties for Deficient Cybersecurity Risk Controls

Holland & Knight LLP on 6/23/2021

The U.S. Securities and Exchange Commission (SEC) has launched a stunning salvo across the bows of public companies with its announcement of civil monetary penalties and a cease-and-desist order against First American...more

SEC Gets Cyber-Serious About Disclosures

Bracewell LLP on 6/22/2021

As cyberattacks continue to attract greater attention, the SEC has taken an additional step in its efforts to bring enforcement actions related to cyber disclosures. On June 14, the SEC announced settled charges against a...more

SolarWinds Government Data Breach Leads to Securities Action

Proskauer - Corporate Defense and Disputes on 1/8/2021

The massive data breach of the United States Commerce and Treasury Departments that has roiled the federal government has resulted in federal securities litigation. On January 4, 2021, Plaintiff-Shareholder Timothy Bremer...more

Regulatory Crackdown on Ransomware

Proskauer - The Capital Commitment on 12/15/2020

Ransomware is a Serious and Growing Problem - In recent years, Ransomware has evolved from merely encrypting files/disabling networks in solicitation of ransom, to sophisticated attacks that often involve actual data...more

SEC Remains Focused on Cybersecurity

Epiq on 4/3/2019

After a long silence since guidance was last issued a year ago, there’s now widespread expectation that the Securities and Exchange Commission will get much more specific this year about new cybersecurity disclosures for...more

Jones Day Global Privacy & Data Security Update | Vol. 20

Jones Day on 12/26/2018

UNITED STATES - Regulatory—Policy, Best Practices, and Standards - NIST Releases Internal Report Regarding IoT Cybersecurity - In September, the National Institute of Standards and Technology ("NIST") released a draft...more

Fool Me Twice…SEC’s latest Cyber-Fraud ROI Indicates Future Enforcement Against Hacker Victims

Sheppard Mullin Richter & Hampton LLP on 11/29/2018

In the aftermath of the Securities and Exchange Commission’s (“SEC”) latest Report of Investigation (“Report”) regarding cyberattacks via “spoofed or manipulated electronic communications,” companies should prepare to adjust...more

Cyberfraud Victims May Have Violated SEC Internal Control Requirements: Adding Insult to Injury

Parker Poe Adams & Bernstein LLP on 11/9/2018

Just when you thought the hazards of cyberfraud couldn’t get worse, the SEC recently issued a Report of Investigation (more on that later) stating that nine recent corporate victims of cyberfraud may have compounded their...more

SEC Investigative Report on Cybersecurity Emphasizes Internal Controls

Skadden, Arps, Slate, Meagher & Flom LLP on 10/22/2018

On October 16, 2018, the Securities and Exchange Commission (SEC) issued a Report of Investigation (Report) detailing an investigation by the SEC’s Enforcement Division into the internal accounting controls of nine issuers...more

HIPAA and Accounting Cybersecurity Update

Winstead PC on 10/18/2018

It is a strange combination of events today, but two different agencies released reports on cybersecurity issues that all companies should consider when looking at their systems, controls and checks. The U.S. Department of...more

SEC Issues New Cybersecurity Guidance; Makes Clear that Cybersecurity Disclosures Are Part of Existing SEC Requirements - Guidance...

Holland & Knight LLP on 2/26/2018

On Feb. 21, 2018, the Securities and Exchange Commission (SEC) issued interpretive guidance on its expectations for corporate disclosures on cybersecurity risks. The guidance delineates where it believes existing SEC rules...more

Law Firm Data Breaches Demonstrate the Expanding Scope of Cyber Attacks

Cadwalader, Wickersham & Taft LLP on 1/17/2017

In a case of “cyber meets securities fraud,” the United States Attorney’s Office for the Southern District of New York (“SDNY”) recently indicted three foreign nationals on charges of insider trading, wire fraud, and computer...more

Shareholders’ Derivative Suit Against Home Depot Dismissed

Robinson+Cole Data Privacy + Security Insider on 12/12/2016

On November 30, 2016, The Home Depot, Inc. (Home Depot) got a victory in the shareholders’ derivative suit filed against it for its alleged failure to institute necessary controls to secure its data relating to its 2014...more

Securities Exchange Act › Cyber Attacks

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