Cybersecurity: SolarWinds May Face SEC Investigation Over Hack Disclosure
Following the massive SolarWinds incident in January 2021, the company has agreed to pay $26 million to settle a shareholder lawsuit.
The U.S. Securities and Exchange Commission alleges it violated U.S. securities law “with respect to its cybersecurity disclosures and public statements, as well as its internal controls and disclosure controls and procedures.” The software company provided the details of the settlement on Nov. 3 and also warned it has received notice from the SEC that the regulator has made a preliminary decision to file an enforcement action against the company over the cyber breach.
SolarWinds did not recognize any faults on its side and in the shareholder lawsuit, it is alleged that the company deceived them about its weak security practices at the time of the attack. According to an 8-K filing with the SEC, the amount will be paid by the company’s insurers who authorized and approved the sum.
Events: Spotlight on Proptech and Legal Innovators UK 3.0
Litera will have a webinar called “Spotlight on Proptech: Regulatory Change and its Impact on Businesses” on November 9, 2022, from 5 am to 6 am PST. Topics will include the role of technology in venture capital during economic downturns, opportunities for real estate and technology in the legal space, and Proptech. Speakers will include David Richardson, Ari Kaplan, Mark Woods, and Alex Lykken. You can register here.
Legal Innovators UK 3.0 will bring legal professionals together on the 10th and 11th of November 2022 at etc. venues 133 Houndsditch, London. Speakers will include Artificial Lawyer founder, Richard Tromans also COO of TLB, Roisin Noonan, and many more. You can see more details here.
The InfiniGlobe team provides software technologies and consulting services for many Fortune 500 companies. Reach out to us at info@InfiniGlobe.com or at (833) LGL-TECH.