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Rachel V. Rose, JD, MBA, Many will be aware of the Issues that Progress Software has been having with its MOVEit file transfer product and its November 2022 cyber incident.
Reported in the companies latest 10-Q filling. The SEC has filed a subpoena against Progress software seeking various documents and information relating to the MOVEit Vulnerability, as part of a fact finding exercise. The filling identifies 23 customers and 58 class action lawsuits filed by individuals relating to the MOVEit vulnerability. The company is cooperating with several inquiries from domestic and foreign data privacy regulators, inquiries from several state attorney generals and a U.S federal law enforcement agency.
Progress have been clear that the company is unable to qualify or quantify the effects of claims and investigations on business operations. Making clear that it is unable to predict the scope or impact of judgements, settlements, fines penalties or other resolutions.
While these actions are not be unusual, they set out the significant extent to which an organisation and its board must identify and focus resources on cyber incident regulatory, law enforcement and customer oversight and assurance. Costs that will increase from December 2023 under the SEC cyber rule.
Ted Dziekanowski Brian D. McCarthy Bob Dix
#cybersecurity #cyberriskmanagement #cyberregulation
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