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The strategic to-and-froe between the SEC and SolarWinds continues. As SolarWinds seek to challenge the SECs charges filled in October 23. The case is likely to be a very important one by the time and if it, it gets to trial.
SolarWinds case is a complex one and highlights some of the challenges that security professionals may face, following a cyber incident. Namely their role in the management of cybersecurity prior to the event, what they knew, or did not know, their decision making leading up to an incident and their role and decision making post incident.
While obvious, when one reads the enclosed and the October charges both sides have an argument to be made. With materiality and material, there definition and reporting, forming an important cornerstone to the case. With the role of a reasonable investor being questioned.
One wonders if the case will be dismissed, when both sides present such differing opinions as the circumstances leading to the cyber incident, incident response and post incident reporting. One thing is for sure, if the case does move ahead to trial, it’s going to be a complex one, setting the foundations for future SEC cases albeit under the new rule.
Ted Dziekanowski Brian D. McCarthy
Veritas GRC
#cybersecurity #cyberriskmanagement
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