Sizable Chunk of SEC Charges Against SolarWinds Tossed Out of Court

Woods Rogers Principal and leader of our Cybersecurity & Data Privacy Practice Beth Waller was interviewed by Dark Reading for a story on a judge’s dismissal against SolarWinds after its 2020 Russian-backed cyberattack. While the ruling clears the company and its chief information security officer from being held liable for statements and filings made after the breach, they are not entirely in the clear. The SEC can now proceed with charges against SolarWinds and the CISO for misrepresentations related to the company’s preparedness leading up to the cyber incident.

Still, the ruling is a welcome move for publicly traded companies facing cybersecurity incident disclosure regulations.

Beth told Dark Reading, “For public companies rushing both to investigate an incident and make a materiality disclosure, the court's opinion allows the totality of the disclosure to prevail over the nitty-gritty details. This decision vindicates SolarWinds' information sharing with the cybersecurity community post-incident."

You can read the Dark Reading article here.