Call us now:
Receiving any investigatory notice from a regulator is serious. SolarWinds and its staff have both received notices, issued in response to the ongoing investigation into the cyber attack on the firm that ended in December 2020. While little is known about the SEC investigation, it is serious enough to notify the SolarWinds and its Directors and Officers of an investigation into the incident, including the CFO and CISO.
The oversight of cyberattacks by regulators has little global precedence set as a function of the total number of reported cyber incidents and one must remember that material risks should be reported to the SEC and an organizations response to a cyber incident has to be managed to protect shareholders. The SolarWinds case alongside cases such as the Uber CSO, Drizzly, CHS healthcare and Aerojet Rocketdyne have caught allot of attention. In ones opinion helping to set precedence and a direction of travel for cyber regulation.
This is a difficult time for those involved and it will set a tone for future cybersecurity enforcement actions by the SEC and other regulators. Alongside regulatory changes, cases such as this will help define the role of the Board and CISO in the management of cybersecurity risk. Set shareholder expectations and add further regulatory and legal precedence.
As a cybersecurity risk management professional of 20 years, building cyber, risk, SoX and as Counsel appointed cyber and risk advisor. Having an understanding of some of the challenges that lie ahead. One has to understand that cybersecurity cannot be viewed as a new paradigm, media attention and a lack of board focus. That will be tested by regulators, as demonstrated by the SEC.
Ted Dziekanowski Rachel V. Rose, JD, MBA Stephen Pitt-Walker, JD, FGIA
#cybersecurity #cyberriskmanagement #cyberregulation #ciso #solarwinds
View Original Post
https://www.linkedin.com/feed/update/urn%3Ali%3AugcPost%3A7078647644654313472