Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

FeaturesBusiness Crimes BulletinCybersecurityRegulationWhite Collar Crime

Navigating the SEC's New Cybersecurity Disclosure Rules

By Olivia J. Greer, Catherine Kim and Jeeyoon Chung
May 01, 2024

In December of 2020, SolarWinds Corp. publicly acknowledged a major cyberattack that resulted in supply chain compromise and headline discussions about national security and data security. On Oct. 20, 2023 the U.S. Securities and Exchange Commission (SEC or Commission) charged SolarWinds and its chief information security officer (CISO) with fraud for allegedly failing to disclose known material cybersecurity risks and vulnerabilities.

While the complaint references the cyberattack, the lawsuit notably focuses more on SolarWinds' allegedly "poor cybersecurity practices" and lack of internal controls, and, for the first time, implicates a CISO personally.

The SolarWinds complaint came amidst an ongoing trend of SEC cybersecurity-related enforcement, such as charges brought in 2019 against First American Title Insurance Company, and in 2021 against various broker-dealers and investment advisers, all focused on purported failures to implement adequate cybersecurity controls and procedures and, in particular, deficiencies in internal reporting.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Top 5 Strategies for Managing the End-of-Year Collections Frenzy Image

End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.

The Self-Service Buyer Is On the Rise Image

Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.

Should Large Law Firms Penalize RTO Rebels or Explore Alternatives? Image

Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.

Sink or Swim: The Evolving State of Law Firm Administrative Support Image

The paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?

Tax Treatment of Judgments and Settlements Image

Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.