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ARTICLE · 15 JANUARY 2024

Cybersecurity Guidance For Public Companies In Canada And The U.S.

MLT Aikins LLP
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The Securities and Exchange Commission (SEC) recently laid charges against a U.S. software company and its Chief Information Security Officer (CISO).

CanadaTechnology
Sean MacLachlan
Sean MacLachlan
Kristél Kriel
Kristél Kriel
Cael Hibbert
Cael Hibbert
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The Securities and Exchange Commission (SEC) recently laid charges against a U.S. software company and its Chief Information Security Officer (CISO). The charges allege fraudulent activities and failures in managing cybersecurity risks, leading to a cyberattack from 2018 to at least 2020 by a gang tied to Russian intelligence.

The SEC has accused the software company of breaching the Securities Act of 1933 and the Securities Exchange Act of 1934. Additionally, the CISO was charged with assisting and abetting the company's actions.

This move by the SEC is a strong reminder of the increasing liability risk for directors and officers regarding cybersecurity disclosure, as well as the need for appropriate due diligence in assessing and ensuring companies have an appropriate cybersecurity program in place.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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