October 25, 2024 at 05:09PM The SEC has charged four companies for inadequate disclosures related to the 2020 SolarWinds breach. Unisys faced the largest penalty of $4 million. The SEC aims to deter vague breach disclosures and stresses the importance of precise communication to avoid future legal ramifications, urging closer collaboration between CISOs and legal … Read more
October 25, 2024 at 06:34AM The SEC has charged four companies—Avaya, Check Point, Mimecast, and Unisys—for misleading disclosures about the 2020 SolarWinds cyberattack, violating federal securities laws. Fines include $4 million for Unisys and $1 million for Avaya. The companies downplayed the breach’s extent, leaving investors uninformed about risks. ### Meeting Takeaways – October 25, … Read more
October 18, 2024 at 08:39AM An Alabama man, Eric Council Jr, faces five years in prison for allegedly manipulating Bitcoin prices by hacking the SEC’s social media account. A false post about Bitcoin ETF approval caused Bitcoin’s price to spike, followed by a significant drop after the SEC retracted it. He is charged with conspiracy … Read more
October 18, 2024 at 05:54AM An Alabama man has been arrested for his involvement in hacking the SEC’s X account, an incident that resulted in a significant increase in Bitcoin’s price. **Meeting Notes Takeaways:** 1. An individual from Alabama has been arrested. 2. The arrest is related to the hacking of the SEC’s X account … Read more
October 11, 2024 at 01:32AM The FBI created a cryptocurrency, NexFundAI, to monitor and apprehend suspected fraudsters, resulting in arrests in three countries. The initiative targeted alleged “wash trading” schemes aimed at misleading investors. Charges were filed against several individuals and organizations, including Saitama, for manipulating crypto markets and making false statements. ### Meeting Takeaways: … Read more
September 30, 2024 at 06:05PM The U.S. SEC charged U.K. citizen Robert B. Westbrook with hacking into the computer systems of five U.S. public companies, accessing confidential earnings information, and conducting insider trading. Westbrook made illegal profits of approximately $3,750,000 from 14 trades. He now faces civil and criminal charges, which may result in prison … Read more
August 9, 2024 at 01:34PM Progress (Nasdaq: PRGS) announced that the Securities and Exchange Commission’s fact-finding investigation into the MOVEit vulnerability has concluded without enforcement action recommended at this time. Progress received a subpoena on Oct. 2, 2023, from the SEC. The company empowers organizations with AI-powered infrastructure software to achieve transformational success in a … Read more
July 19, 2024 at 05:30PM The SEC lawsuit against SolarWinds and CISO Timothy Brown, accused of concealing security issues pre and post SUNBURST breach, has been dismissed by a judge. This outcome signifies a significant development in the legal proceedings. (49 words) Based on the meeting notes, it seems that there has been a development … Read more
July 18, 2024 at 06:05PM A judge dismissed part of the SEC’s case against SolarWinds and its CISO Tim Brown, post-breach, but allowed claims related to misrepresenting cybersecurity posture pre-breach to proceed. The ruling is seen as guidance for public companies in disclosing cyber incidents. SolarWinds is pleased but will defend claims in the upcoming … Read more
July 18, 2024 at 05:17PM A judge has mostly dismissed a lawsuit by America’s financial watchdog against SolarWinds and its CISO for misleading investors about computer security practices and the backdooring of its Orion product after the SUNBURST attack. The judge ruled in favor of SolarWinds on post-SUNBURST claims but sustained the SEC’s securities fraud … Read more