Month: July 2024
Federal Court Dismisses Bulk of SEC’s Complaint Against SolarWinds in Cyberattack Case
On July 18, 2024, US District Judge Paul Engelmayer of the Southern District of New York issued a detailed 107-page opinion and order dismissing most of the US Securities and Exchange Commission (SEC) case against SolarWinds and its chief information security officer (CISO). The SEC’s amended complaint alleged that SolarWinds and its […]
SEC Reporting Implications for Publicly Traded Companies Impacted by CrowdStrike Defective Software Update
There are a number of US Securities and Exchange Commission (SEC) reporting implications arising from the server-related outages caused by CrowdStrike’s defective software update on July 19, 2024, and their impacts on public companies, particularly in light of the SEC’s new cybersecurity disclosure rules. While the situation on the ground […]
SEC Settles Charges Against RR Donnelley Related to Cybersecurity Incident Disclosure and Internal Access Controls
On June 18, 2024, the Securities and Exchange Commission (SEC) announced that it had settled claims against RR Donnelley (RRD) related to a 2021 ransomware and cyber extortion attack. Despite RRD having discovered and reported the incident within 30 days (a relatively short time frame for investigating complex data breaches), […]
AI Act Enters Into Force
On 12 July 2024, the long-awaited Artificial Intelligence Act (AI Act) was published in the Official Journal of the European Union (OJEU), meaning that 20 days from this date it will enter into force and will apply from 2 August 2026, bringing certainty regarding the timeline for its applicability, which […]