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SEC brings landmark cybersecurity disclosure lawsuit against SolarWinds and its CISO

SolarWinds Corp. and its CISO have been charged by the SEC for failing to disclose known cybersecurity vulnerabilities and breaches, resulting from poor cybersecurity practices revealed following a major attack on their systems. The company defrauded investors and customers by concealing the risks. The SEC seeks permanent injunctive relief, disgorgement, civil penalties, and an officer and director bar against the CISO. The charges signal the SEC’s increased focus on cybersecurity ahead of new rules requiring enhanced reporting.

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