Category: Industry Challenges

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

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

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 (“CISO”)––for defrauding investors by allegedly failing to disclose known security risks in public filings. This marks the SEC’s first ever enforcement action against an individual corporate officer over their mishandling of a data breach––but...