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High-Profile Case Ends After Judge Guts SEC’s Cyber Fraud AllegationsThe SEC has dropped its remaining claims against SolarWinds and CISO Tim Brown, ending a controversial cyber fraud lawsuit that aimed to expand securities law to cover operational security failures tied to the 2020 Russian hacking campaign.
Proposed Deal Could End Precedent-Setting SEC Case Over Cybersecurity MisstatementsThe SEC and SolarWinds told a federal judge they’ve reached a tentative agreement to resolve a first-of-its-kind fraud case over cybersecurity disclosures. Federal regulators alleged that SolarWinds misled investors about its cybersecurity, and the settlement hinges on SEC commissioner approval.
Testimony Request Targets Cybersecurity Concerns Raised by Ex-SolarWinds EngineerIn its fraud case against SolarWinds, the SEC is pursuing testimony from former SolarWinds engineer Robert Krajcir - who lives in the Czech Republic - to address claims of lax cybersecurity practices. SolarWinds - which is also representing Krajcir - has until Friday to respond to the SEC's motion.
Calls Securities and Exchange Commission's Cybersecurity Allegations 'Unfounded'Network monitoring software vendor SolarWinds moved to dismiss a federal lawsuit accusing the company and its CISO of securities fraud after they allegedly misstated the efficacy of its cybersecurity controls. Russian intelligence hacked the company in an incident disclosed in 2020.
Also: Advice for the Next White House Cyber Director; CISOs' Liability ConcernsIn the latest weekly update, the former federal CISO, Grant Schneider, joins three editors at ISMG to discuss important cybersecurity issues, including advice for the next White House cyber director, and liability concerns facing CISOs following SolarWinds and its CISO being accused of fraud.
Plus: Unpatched DNS bug puts IoT devices at risk, SolarWinds hackers set up new digs, and a CEO faces hard time for massive mining fraud In Brief Colonial Pipeline is facing an almost $1 million fine for control room management failures after the US Department of Transportation alleged they contributed to the nation's fuel disruption in the wake of the 2021 ransomware attack.…