SEC Charges SolarWinds and CISO with Fraud and Cybersecurity Failures
The Securities and Exchange Commission (SEC) has charged software company SolarWinds and its chief information security officer, Timothy G. Brown, with fraud and internal control failures related to cybersecurity risks and vulnerabilities. The complaint alleges that SolarWinds misled investors about its cybersecurity practices and understated known risks. Internal assessments contradicted the company's public statements, revealing deficiencies in its cybersecurity practices. SolarWinds' stock price dropped following an incomplete disclosure about a cyberattack. The SEC seeks injunctive relief, disgorgement, civil penalties, and an officer and director bar against Brown.