Securities Litigation / Securities Law / Privacy, Cyber & Data Strategy Advisory: The SEC Sues SolarWinds And Its CISO For Alleged Fraud And Disclosure Controls Failures -November 15, 2023 at 05:13 am EST

The SEC has accused SolarWinds and its CISO Timothy Brown of fraud and disclosure control violations, marking its first formal action against a CISO. The SEC alleges SolarWinds and Brown made misstatements regarding cybersecurity in its SEC filings and on its website. This action underscores the SEC’s increased focus on cybersecurity disclosures following new rules for public companies. The complaint also alleges SolarWinds did not report potentially material cybersecurity risks.