News & Analysis as of

SolarWinds Data Breach

The Volkov Law Group

Episode 334 -- District Court Dismisses Bulk of SEC Claims Against Solarwinds

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A New York federal district judge handed down a significant decision dismissing much of the SEC's securities fraud enforcement action against SolarWinds arising from its claims relating to SolarWinds' cybersecurity policies,...more

Woodruff Sawyer

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

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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

Dechert LLP

Dechert Cyber Bits - Issue 59

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U.S. Court Axes Most of SEC's SolarWinds Data Breach Suit - The U.S. District Court for the Southern District of New York recently dismissed much of the U.S. Securities and Exchange Commission’s (“SEC”) suit against...more

Holland & Knight LLP

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

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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

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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

The Volkov Law Group

SEC Suffers Major Blow in Securities Fraud Case Against SolarWinds

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A New Your federal district judge handed down a significant decision dismissing much of the SEC’s securities fraud enforcement action against SolarWinds arising from its claims relating to SolarWinds’ cybersecurity policies,...more

Constangy, Brooks, Smith & Prophete, LLP

SolarWinds case could establish SEC liability for CISOs

On October 30, 2023, the Securities and Exchange Commission filed a securities fraud claim in federal court in the Southern District of New York against SolarWinds Corporation as well as its Chief Information Security...more

Thomas Fox - Compliance Evangelist

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

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

Jackson Lewis P.C.

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

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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

Dechert LLP

Dechert Cyber Bits - Issue 45

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The Biden Administration Issues Executive Order on Artificial Intelligence - On October 30, 2023, President Biden signed an Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence (the “Order”)...more

Woodruff Sawyer

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

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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

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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

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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

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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

Robinson+Cole Data Privacy + Security Insider

SEC Hits SolarWinds and CISO with Investor Fraud Suit Over Cybersecurity

In a first, bold move by the Securities and Exchange Commission (SEC) following its new Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure by Public Companies, issued on July 26, 2023, this...more

The Volkov Law Group

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

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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

Cooley LLP

SEC charges SolarWinds and CISO with securities fraud and control failures

Cooley LLP on

You remember the 2020 SolarWinds hack, perhaps one of the worst cyberattacks in history? As NPR described it in 2021, we all regularly receive routine software updates like this one...more

Woodruff Sawyer

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

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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

Dechert LLP

Dechert Cyber Bits - Issue 25

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SEC Division of Examinations Issues Risk Alert on Regulation S-ID and Identity Theft Prevention Programs - On December 5, 2022, the Securities and Exchange Commission (“SEC”) Division of Examinations (“EXAMS”) issued a...more

Proskauer on Privacy

SolarWinds: A Lesson on How Companies Victimized by Data Breaches Can Quickly Become the Target of Litigation and Regulatory...

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In 2020, SolarWinds Corp., a company that provided information technology software to private and government entities, was the victim of a cybersecurity breach. Russian hackers are believed to have slipped malicious code...more

Benesch

Shareholders Seek to Hold Current and Former SolarWinds Officials Liable for Massive 2020 Security Breach

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Investors filed a derivative suit claiming that the company knew about, and failed to mitigate known, existing cybersecurity risks and shortfalls prior to the security breach. In early November, pension funds and...more

Womble Bond Dickinson

An Understandable Guide to Zero Trust Architecture

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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

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