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The Securities and Exchange Commission (SEC) fined 4 current and former companies with making materially misleading disclosures regarding cybersecurity risks and intrusions. Following the well publicised SolarWinds hack. Unisys, Avaya, Checkpoint and Mimecast paid $4m, $1m, $995k and $990k to settle charges following investigations by the SEC.
The threat actors likely behind the SolarWinds hack, accessed systems and each fined company negligently minimized the cybersecurity incident in its public disclosures. With each company violating Securities Act of 1933 and the Securities Exchange Act of 1934. The Cease and Desist Proceedings are worth reading, specifically the references to those cybersecurity companies affected.
One suspects this won’t be the last we hear about the SolarWinds hack and effected companies affected. TAs the SEC continues through the data it received from the Wells Notice submitted to SolarWinds and company fillings made post the incident to the SEC.
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan Rachel V. Rose, JD, MBA
Veritas GRC U.S. Securities and Exchange Commission Unisys Check Point Software Mimecast SolarWinds
#cybersecurity #cyberriskmanagement #cyberattack
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