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ARTICLE · 01 NOVEMBER 2024

SEC Charges Four Companies With Misleading Cyber Disclosures On SolarWinds Hack

Winston Taylor
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On October 22, 2024, the Securities and Exchange Commission (the SEC) announced charges and million-dollar penalties against four companies for allegedly making materially misleading disclosures...

United StatesTechnology
David A. Sakowitz
David A. Sakowitz
Ben Smolij
Ben Smolij
Emily Semon
Emily Semon
Megan Thomas
Megan Thomas

On October 22, 2024, the Securities and Exchange Commission (the SEC) announced charges and million-dollar penalties against four companies for allegedly making materially misleading disclosures regarding cybersecurity risk and intrusions relating to SolarWinds' Orion software hack. SolarWinds provides an IT performance and monitoring product called Orion, which issued a routine software update in March 2020. In early 2021, it was reported that hackers had slipped malicious code into the Orion software update and used it to access the networks, systems, and data of thousands of SolarWinds customers.

THE CHARGES

Four companies were accused of negligently minimizing the impact of the SolarWinds hack in their public disclosures, with one company also being charged with failing to maintain adequate disclosure controls and procedures as required by the Sarbanes-Oxley Act of 2002 (SOX).

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