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SEC fines four companies $7M for ‘misleading cyber disclosures’ regarding SolarWinds hack
The SEC concluded that four tech companies misled investors and minimized the damage they suffered from the SolarWinds supply chain hack.
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. “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. 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.
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