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ARTICLE · 05 NOVEMBER 2024

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...

United StatesTechnology
Amy Jane Longo
Amy Jane Longo
R. Daniel O'Connor
R. Daniel O'Connor
Edward R. McNicholas
Edward R. McNicholas
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Fran Faircloth
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Jake Barr
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SEC Announces Settlements with Four Issuers regarding Cybersecurity Disclosures

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 Mimecast Limited. The settlements concern the issuers' disclosures relating to cybersecurity risks and intrusions following the December 2020 SUNBURST cybersecurity incident, which affected customers of SolarWinds' Orion software. Alleging that the issuers "negligently minimized" the impacts of the breach, the SEC levied civil monetary penalties ranging from $990,000 to $4 million. Each settled order credits the issuers with cooperating in the SEC's investigation. A dissent by Commissioners Hester Peirce and Mark Uyeda criticizes the majority for playing "Monday morning quarterback."

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