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Security



SEC FINES FOUR COMPANIES $7M FOR ‘MISLEADING CYBER DISCLOSURES’ REGARDING
SOLARWINDS HACK

Lorenzo Franceschi-Bicchierai
9:46 AM PDT · October 22, 2024



The Securities and Exchange Commission (SEC) announced on Tuesday that it
charged and imposed penalties on four companies for making misleading
disclosures linked to the 2019 SolarWinds data breach. 

The four companies charged are cybersecurity firms Check Point, which will pay a
civil penalty of $995,000, and Mimecast, which will pay $990,000; and the tech
companies Unisys, which will pay $4 million, and Avaya, which will pay $1
million. 




All of these companies were victims of the hack that hit SolarWinds, which
affected several other companies and government agencies that used SolarWinds
software. According to the SEC, each company committed different violations that
“negligently” downplayed and minimized the damage of the breaches.

“While public companies may become targets of cyberattacks, it is incumbent upon
them to not further victimize their shareholders or other members of the
investing public by providing misleading disclosures about the cybersecurity
incidents they have encountered,” said Sanjay Wadhwa, acting director of the
SEC’s Division of Enforcement. “Here, the SEC’s orders find that these companies
provided misleading disclosures about the incidents at issue, leaving investors
in the dark about the true scope of the incidents.”

According to the SEC, each company committed different violations. Avaya said
hackers accessed a “limited number” of companies’ emails but did not say that
the hackers also accessed “at least 145 files in its cloud file sharing
environment.” Despite knowing about the breach, Check Point “described cyber
intrusions and risks” in “generic terms.” Mimecast “minimized the attack by
failing to disclose” what code and the quantity of company encrypted credentials
that the hackers stole. And Unisys “described its risks from cybersecurity
events as hypothetical” even though it was hit by two SolarWinds-related
breaches.

The SEC said that all companies collaborated with its investigation and agreed
to pay the penalties and “to cease and desist from future violations of the
charged provisions,” while also not “admitting or denying” the SEC findings. 

Avaya spokesperson Julianne Embry told TechCrunch that the SEC “recognized
Avaya’s voluntary cooperation and that we took certain steps to enhance the
company’s cybersecurity controls.”

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Check Point spokesperson Gil Messing told TechCrunch that “Check Point
investigated the SolarWinds incident and did not find evidence that any customer
data, code, or other sensitive information was accessed. Nevertheless, Check
Point decided that cooperating and settling the dispute with the SEC was in its
best interest.”

Mimecast spokesperson Timothy Hamilton told TechCrunch that the company “made
extensive disclosures and engaged with our customers and partners proactively
and transparently, even those who were not affected,” in response to the
SolarWinds hack.

“We believed that we complied with our disclosure obligations based on the
regulatory requirements at that time,” Hamilton said. 




When reached by TechCrunch for comment, Unisys spokesperson Jamie Baid declined
to comment and referred to the company’s 8-K filing published on Tuesday. In the
document, Unisys said it reached a settlement with the SEC that resolves the
regulator’s investigation into the company.

In the last few years, the SEC has imposed a series of new obligations on
publicly traded companies when it comes to disclosing data breaches, and their
effects on the company and its customers and users. 

Topics

Avaya, check point, cybersecurity, data breach, mimecast, SEC, Securities and
Exchange Commission, Security, SolarWinds, TC, U.S. Securities and Exchange
Commission, unisys
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Lorenzo Franceschi-Bicchierai

Senior Reporter, Cybersecurity

@lorenzofb
Lorenzo Franceschi-Bicchierai is a Senior Writer at TechCrunch, where he covers
hacking, cybersecurity, surveillance, and privacy. You can contact Lorenzo
securely on Signal at +1 917 257 1382, on Keybase/Telegram @lorenzofb, or via
email at lorenzo@techcrunch.com.
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