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SolarWinds and CISO face SEC scrutiny for misleading statements

Published Nov 27, 2023 12:52PM ET
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© Reuters.

In a recent enforcement action, the U.S. Securities and Exchange Commission (SEC) has taken aim at SolarWinds (NYSE:SWI) and its Chief Information Security Officer (CISO) for making deceptive public statements and demonstrating inadequate internal controls. This move, which occurred in late October, highlights the SEC's commitment to maintaining stringent standards of accountability in market communications.

Experts in the field have weighed in on the SEC's actions, emphasizing their appropriateness and necessity. Paul Dunlop, associated with Fraud Doctor, has pointed out that this should not be seen as undue targeting but rather as essential regulation. Meanwhile, Steve Hindle of Achilles Shield, a global cybersecurity consulting firm, has highlighted the importance of crisis response expertise and mature risk management practices for CISOs.

The dialogue between Dunlop and Hindle, both of whom possess substantial in-house industry experience, illuminates the crucial balance required between internal risk registers, business impact analyses, and transparent market disclosures. These elements are key to preventing misinformation and effectively managing occupational fraud. This case with SolarWinds serves as a reminder to all market participants of the high stakes involved in corporate communications and the regulatory oversight that ensures the integrity of public statements.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

SolarWinds and CISO face SEC scrutiny for misleading statements
 

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