June 26, 2023
The U.S. Securities and Exchange Commission (SEC) has issued a Wells notice to SolarWinds officials in connection with the 2020 breach, which corrupted the company’s software and allowed hackers to access the networks of thousands of businesses and government entities.
A Wells notice informs a corporation that the SEC plans to pursue enforcement action against it. It does not necessary imply that the corporation has broken any laws, but it does indicate that the SEC is thinking about taking action.
In a statement, SolarWinds said it is working with the SEC’s probe and “intends to vigorously defend itself.” This comes after the SEC suggested in November of last year that SolarWinds face regulatory action for its public statements on cybersecurity and the standards governing such disclosures.
The cyberattack, which was blamed on Russia, was one of the biggest and most sophisticated in history. It uncovered flaws in the US government’s cybersecurity architecture and highlighted worries about the possibility of foreign countries using cyberattacks to steal sensitive information or harm key infrastructure.
The sources for this piece include an article in Reuters.
