On October 30, 2023, the Securities and Exchange Commission (the “SEC”) filed a civil lawsuit charging SolarWinds Corporation (“SolarWinds” or the “Company”) and its chief information security officer, Timothy G. Brown (“Brown”), with securities fraud, internal controls failures, misleading investors about cyber risk, and disclosure controls failures, among other violations. The SEC’s claims arise from allegedly known cybersecurity risks and vulnerabilities at SolarWinds associated with the SUNBURST cyberattack that occurred between 2018 and 2021.
Five Key Takeaways from the SEC’s Final Cybersecurity Rules for Public Companies
On July 26, 2023, the SEC finalized long-awaited disclosure rules (the “Final Rules”) regarding cybersecurity risk management, strategy, governance, and incidents by public companies that are subject to the reporting requirements of the Securities Exchange Act of 1934. While the end results are substantially similar to rules proposed by the SEC in March 2022, there are some key distinctions.
Continue Reading Five Key Takeaways from the SEC’s Final Cybersecurity Rules for Public Companies
Biden Admin Eyes IoT Cyber Practices
On June 18, 2023, the Biden-Harris administration announced the launch of a new “U.S. Cyber Trust Mark” program (hereinafter the “Program”). First proposed by Federal Communication Commission (“FCC”) Chairwoman Jessica Rosenworcel, the Program aims to increase transparency and competition across the smart devices sector and to assist consumers in making informed decisions about the security of the devices they purchase.
Spy Games: Biden Administration Issues Executive Order Restricting Federal Use of Commercial Spyware
Overview
On March 27, 2023, President Biden signed the Executive Order on Prohibition on Use by the United States Government of Commercial Spyware that Poses Risks to National Security (EO), restricting federal agencies’ use of commercial spyware. The Biden Administration cited targeted attacks utilizing commercial spyware on U.S. officials and human rights abuses abroad as
DoD Digs In Its Cyber “SPRS”: New Solicitation Provision Requires Contracting Officers to Consider SPRS Risk Assessments
On March 22, 2022, the Department of Defense (DoD) issued a final rule requiring contracting officers to consider supplier risk assessments in DoD’s Supplier Performance Risk System (SPRS) when evaluating offers. SPRS is a DoD enterprise system that collects contractor quality and delivery performance data from a variety of systems to develop three risk assessments:
Biden Administration Releases Comprehensive National Cybersecurity Strategy
On March 2, 2023, the Biden Administration released the 35-page National Cybersecurity Strategy (the “Strategy”) with a goal “to secure the full benefits of a safe and secure digital ecosystem for all Americans.”
Summary and Analysis
The Strategy highlights the government’s commitment to investing in cybersecurity research and new technologies to protect the nation’s security
Cyber and Physical Attacks on the Electric Grid Should Prompt New Year’s Resolutions for the Energy Industry
This has not been a joyful winter for energy industry executives. They have repeatedly awoken to alerts that substations in the Northwest and Southeast have been physically attacked and that a major engineering firm was the subject of a ransomware cyberattack that may have compromised utility data.
Federal regulators are taking notice. On December 7
Going Hard on Software: OMB Unveils Mandatory Software Supply Chain Security Compliance Requirements
Yesterday, the Office of Management and Budget (OMB) released Memorandum M-22-18, implementing software supply chain security requirements that will have a significant impact on software companies and vendors in accordance with Executive Order 14028, Improving the Nation’s Cybersecurity. The Memorandum requires all federal agencies and their software suppliers to comply with the NIST
No Summer Break for Cyber: Newly Unveiled CMMC Assessment Process Provides Industry with Upcoming Assessment Insights
After much anticipation, the Cyber AB, formerly known as the Cybersecurity Maturity Model Certification (CMMC) Accreditation Body, recently released its pre-decisional draft CMMC Assessment Process (CAP). The CAP describes the overarching procedures and guidance that CMMC Third-Party Assessment Organizations (C3PAOs) will use to assess entities seeking CMMC certification. The current version of the CAP applies
Energy Cybersecurity Act of 2019
Aiming to identify, enhance, and test supply chain vulnerabilities in the energy sector and cybersecurity response capabilities between public and private sectors, the U.S. Senate Committee on Energy & Natural Resources approved legislation that directs the Department of Energy (DoE) to create several new programs towards the development of “advanced cybersecurity applications and technologies” for the sector.[1] The Energy Cybersecurity Act of 2019 (the Act) directs DoE to establish programs that identify supply chain vulnerabilities and expand Federal cooperation and coordination for responses to cyber threats.
If passed, the Act will require the DoE to: