- 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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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.
SolarWinds revealed the Securities and Exchange Commission is examining cybersecurity disclosures and public statements the company and its executives made after its massive 2020 data breach caused by hackers backed by the Russian government.
Women’s apparel importer Alexis agreed to pay nearly $7.7 million to settle allegations, first raised by a whistleblower, that it intentionally underpaid customs duties, according to the Department of Justice.
The U.K. Information Commissioner’s Office proposed a 6.1 million pound (U.S. $7.8 million) fine against Advanced Computer Software Group, an IT contractor for the National Health Service that allegedly failed to secure the data of 83,000 people after a cyberattack.
New York-based broker-dealer OTC Link will pay a $1.2 million fine to settle charges levied by the Securities and Exchange Commission over allegedly failing to implement a system to monitor and report potential suspicious activities on its platforms.
