- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-08-07T14:33:00
A partial dismissal of charges levied by the Securities and Exchange Commission against Solarwinds has cast doubt about the breadth of the SEC's Cybersecurity Rule.
The SEC’s argument that a company’s “system of internal accounting controls” includes cybersecurity controls was “not tenable,” according to U.S. District Court Judge Paul Engelmayer for the Southern District of New York in his opinion and order, signed July 18.
“To state the obvious, cybersecurity controls are not–and could not have been expected to be–part of the apparatus necessary to the production of accurate” financial reports, the ruling stated.
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Four current or former public companies will pay a total of nearly $7 million in fines to settle charges by the Securities and Exchange Commission that they underplayed or failed to disclose material information about how the SolarWinds Orion hack affected them.
A business communications and marketing services company agreed to pay more than $2 million to settle charges levied by the Securities and Exchange Commission over cybersecurity-related control violations.
SolarWinds will contest a lawsuit brought by the Securities and Exchange Commission against it and its chief information security officer alleging fraud and internal control failures related to the software company’s cyberattack reported in 2020.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
