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Data Breach Publicly-Traded Companies

Polsinelli

SEC Penalties Relating to Cybersecurity Disclosures

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On October 22, 2024, the Securities and Exchange Commission (“SEC”) charged four current or former publicly traded companies with disseminating materially misleading disclosures regarding cybersecurity risks and actual...more

Ropes & Gray LLP

SEC Announces Settlements with Four Issuers regarding Cybersecurity Disclosures

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On October 22, 2024, the Securities and Exchange Commission (“SEC”) filed settled enforcement orders involving four current and former public companies – Unisys Corp., Avaya Holdings Corp., Check Point Software Ltd, and...more

Fenwick & West LLP

The SEC is Cracking Down on Misleading Cybersecurity Disclosure

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On October 22, 2024, the SEC charged two current reporting companies, Unisys Corp. and Check Point Software Technologies, and two former public companies, Mimecast Limited and Avaya Holdings Corp., with making materially...more

A&O Shearman

Undeterred By Recent Court Loss, SEC Charges Four Companies With Inadequate Cyber Disclosures In The Aftermath Of SolarWinds...

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On October 22, 2024, the SEC announced that it had entered into settlements with four separate companies for making allegedly misleading disclosures about how they were impacted by the SolarWinds data breach in 2019. The...more

Woodruff Sawyer

Violent Delights, Violent Ends? Two Possible Futures of SEC Cyber Regulation

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What do the SolarWinds ruling and other recent developments mean for the future of the SEC’s cyber regulatory program? Will the SEC’s “lack of moderation” result in “violent ends” for its cyber agenda? Or will the current...more

Holland & Knight LLP

SEC Cyber Enforcement Update: Which Way Are the SolarWinds Blowing? (Update)

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This Holland & Knight blog post is the second installment in a two-part series that examines the challenges to the U.S. Securities and Exchange Commission's (SEC) charges in its landmark case against SolarWinds Corp....more

BCLP

SDNY Dismisses Majority of SEC Landmark Charges Against SolarWinds and CISO

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On July 18, 2024, District Court Judge Engelmayer of the Southern District of New York issued his 107-page opinion and order dismissing most – but not all – of the landmark allegations of the SEC against SolarWinds Corp. and...more

Parker Poe Adams & Bernstein LLP

Key Lessons for Cybersecurity and IT Leaders From Judge's Recent Fraud Decision in SEC Case Against SolarWinds

On July 18, a New York federal judge threw out most of the SEC’s claims brought against both SolarWinds Corp. and the company’s chief information security officer (CISO), Timothy Brown....more

Wyrick Robbins Yates & Ponton LLP

Living in a Material World: SEC Clarifies Expectations Regarding Form 8-K Disclosure of Material Cybersecurity Incidents

Last month, the Director of the Division of Corporation Finance (“Director”) of the Securities and Exchange Commission (“SEC”) issued new guidance regarding disclosures of material cybersecurity incidents via Form 8-K under...more

Troutman Pepper

Director of Division of Corporation Finance Issues Guidance on Disclosure of Cybersecurity Incidents under Form 8-K

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On May 21, 2024, Erik Gerding, the director of the Division of Corporation Finance of the Securities and Exchange Commission (SEC), released a statement containing guidance for public companies regarding the disclosure of...more

WilmerHale

8 Questions To Ask Before Final CISA Breach Reporting Rule

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On April 4, the Cybersecurity and Infrastructure Security Agency published a notice of proposed rulemaking setting out mandatory reporting requirements for covered entities that experience cybersecurity incidents or make...more

Clark Hill PLC

[Webinar] Practical Advice on the SEC Rule: Cybersecurity Incidents and Risk Management Disclosures - January 25th, 10:00 am PT

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Are you prepared for the new SEC Rule on Cybersecurity Incident and Risk Management Disclosures? Don't let your business get caught off guard! This webinar will cover important points about the rule and how to effectively...more

WilmerHale

It’s December 18, 2023: Do You Know Where Your Cybersecurity Disclosure Controls and Procedures Are

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The requirement to disclose material cybersecurity events under new Item 1.05 of Form 8-K takes effect today (other than for smaller reporting companies, for which the new requirement will take effect on June 15, 2024)....more

Manatt, Phelps & Phillips, LLP

Balancing New Federal & State Cyber Reporting Rules on Health Care & Financial Services Industries

Balancing cybersecurity incident disclosures has been a challenge for those in the trenches for years. That has not changed, and recent regulatory activity should not alter the challenges breach counsel confront. In short,...more

Mayer Brown

DOJ and FBI Announce Guidance on Seeking Delays in SEC 8-K Filings for Cyber Incidents

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On December 12, 2023, the Department of Justice (DOJ) issued guidelines for companies to follow in requesting that the Attorney General authorize delays of cyber incident disclosures required by the U.S. Securities and...more

Foley Hoag LLP

FBI and CISA Issue Advisory on Scattered Spider Ransomware Attacks

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Large companies holding sensitive data – including financial services, telecommunications, business process outsourcing, hospitality, and cryptocurrency firms – as well as their IT helpdesks, are increasingly being targeted...more

Burr & Forman

Hackers Extort Victim with SEC Whistleblower Complaint

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In an unintended consequence of the Securities and Exchange Commission's (SEC) unprecedented rulemaking agenda, a black-hat hacker gang has filed a whistleblower complaint against its victim for not reporting a cybersecurity...more

Thomas Fox - Compliance Evangelist

SEC, Solar Winds and Compliance

The recent SEC lawsuit against SolarWinds Corp and its CISO, Tim Brown, following the 2020 data breach, has brought the issue of executive liability in cybersecurity disclosures to the forefront. This case sheds light on the...more

Robinson+Cole Data Privacy + Security Insider

SEC Hits SolarWinds and CISO with Investor Fraud Suit Over Cybersecurity

In a first, bold move by the Securities and Exchange Commission (SEC) following its new Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure by Public Companies, issued on July 26, 2023, this...more

The Volkov Law Group

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

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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...more

Baker Donelson

Show Your Work: The SEC Cyber Rules and Documenting Materiality Analysis Under NIST FIPS 199

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The date July 26, 2023, marks the latest evolution of the cybersecurity regulation landscape as the Securities and Exchange Commission passed cybersecurity regulations for publicly traded companies. At the open meeting, SEC...more

Vinson & Elkins LLP

[Webinar] New Cybersecurity Disclosure Requirements - November 7th, 12:00 pm - 12:30 pm CT

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Please join us for one of our Technology Series webinars where the Vinson & Elkins team will be giving an overview of the new SEC cybersecurity disclosure requirements for public companies....more

Carlton Fields

SEC Deals New Cybersecurity Disclosure Requirements to Public Companies

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On July 26, 2023, the SEC adopted new cybersecurity rules, which have two top-line impacts. First, registrants must disclose material cybersecurity incidents promptly on Form 8-K. Second, registrants must disclose new...more

Stikeman Elliott LLP

SEC Adopts New Cybersecurity Disclosure Rules for U.S. Public Companies and Foreign Private Issuers

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The Securities and Exchange Commission (“SEC”) adopted new rules requiring the disclosure of cybersecurity risk management, strategy, governance and material incidents (the “Rules”), effective September 5, 2023. The Rules...more

Nelson Mullins Riley & Scarborough LLP

SEC Adopts New Cybersecurity Disclosure Requirements

The Securities and Exchange Commission (“SEC”) adopted the final rules (the “Final Rules”) on July 26, 2023 that will require disclosure of material cybersecurity incidents, cybersecurity risk management, strategy, and...more

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